Nana Akufo-Addo, President of Ghana has assured that there will be no reduction in investment returns, as has been speculated.
He said this on Sunday, October 30, 2022, when he addressed the nation about the state of the economy and the challenges that the country faces.
“I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in Government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations. There will be no “haircuts”, so I urge all of you to ignore the false rumors, just as, in the banking sector clean-up, the Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” he added.
However, in an interview on the Citi Breakfast Show on Monday, October 31, Information Minister Kojo Oppong Nkrumah clarified the president’s statement on investment “haircuts,” saying; “My understanding is that no principals would be touch, the debt sustainability strategy is yet to be announced in full”.
The minister also stated that it is unjust for people to speculate, which has caused the market to panic.
“It has not been helpful that people have chosen to do this speculation, that has also panicked the market thus people going into the banking hall just to cash out of their treasury bills and go and buy forex as a store of value.”
Mr. Oppong Nkrumah went on to say that the final form of the restructuring would be revealed.
Meanwhile, some banks have issued customer statements outlining the ‘new valuation method for collective investment schemes.’
The new method will take into account the current market performance of bonds. This means that your total investment will fluctuate depending on bond market prices. The value of your investment will rise when the bond market is strong. When the bond market is weak, the value will fall (as it is now).
“You will notice changes in the unit value and the full value of your investment after October 28th, 2022, when the new valuation method is implemented. This applies to both Stanbic Cash Trust and Stanbic Income Fund Trust,” Stanbic bank sent to customers.
EDC Investment Limited also sent a message to their customers urging them to keep their funds until maturity in order to reap the full benefit.
