IMF deal: Your investments, deposits are secure – Akufo-Addo assures Ghanaians

Business News of Monday, 31 October 2022

Source: www.ghanaweb.com

President Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has assured Ghanaians that their deposits and investments are secured in the wake of negotiations with the International Monetary Fund for a financial bailout.

According to him, there will be “no haircuts” on investments, contrary to assertions made by some persons and therefore urged the public to disregard the said reports.

In an address to the nation on the economy, President Akufo-Addo on October 30 assured investors and the general public of their funds being safe and secure amid the IMF talks which is targeting $3 billion.

“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 rumours, just as, in the banking sector clean-up, Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” he added.

Meanwhile, President Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of year.

“We are working towards securing a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency,” he noted.

He further explained that the funds will “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.”

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