Akufo-Addo’s assurance of no ‘haircuts’ on investments covers just principal – Oppong Nkrumah

The Minister of Information, Kojo Oppong Nkrumah, says President Akufo-Addo’s assurance of no ‘haircuts’ on investments in bonds covers just the principals.

During his televised address to the nation on Sunday night, the President assured that there would 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 moey, 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 said.

But Mr. Oppong Nkrumah says his understanding on the issue is that “no principals will be touched. No principals will have a haircut,” he said in an interview on Accra-based Citi FM.

The Ofoase-Ayirebi MP explained that when the policy is announced fully, there will be better clarification.

“The debt sustainability strategy is yet to be announced in full. When they are done with the rest of the strategy, and they come out and do a full announcement, we will have clarity on the form that the debt restructuring will take,” he said.