Politics

There will be ‘no haircuts’ on investments – Akufo-Addo assures

President Nana Addo Dankwa Akufo-Addo has assured that there will be “no haircuts” on investments contrary to speculations.

“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”, President Akufo-Addo said in his Sunday night’s (October 30, 2022) address to the nation.

An anonymous two-minute audio message on a WhatsApp platform predicting a so-called haircut on government bonds sent all of us into banks and forex bureaus to dump our cedis, and, before we knew it, the cedi had depreciated further, the President added.

He said: “All of us can play a part in helping to strengthen the cedi by having confidence in the currency, and avoiding speculation. Let us keep our cedi as the good store of value it is.

“To those who make it a habit of publishing falsehoods, which result in panic in the system, I say to them that the relevant state agencies will act against such persons,” President Akufo-Addo added.

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