Former Member of Parliament for New Juaben South, Dr. Mark Assibey-Yeboah has called on domestic investors to remain calm.
According to the economist and former chairman of the finance committee, short-term investors have their investments protected by law and thus there is no need for investors to rush and liquidate their bonds.
The Treasury Bills Market has in recent weeks been hit by the uncertainty regarding Ghana’s economic recovery.
The anxiety in the market is mostly as a result of anticipated debt restructuring exercise.
The mad rush for cash is having a toll on banks, affecting their balance sheets and capital adequacy requirements.
There is fear that the intended debt restructuring will lead to Ghanaians not subscribing to government bonds in the future.
But Dr. Assibey-Yeboah in a tweet assured short-term investors that they are protected by law, and will not suffer under any debt restructuring exercise.
“Your short-term government bill (91-day, 182-day, etc) cannot be touched in a debt restructuring as per international law. Rest easy,” he stated.
Government of Ghana is currently engaged in negotiations with the International Monetary Fund, IMF for a program which could see the country receive about $3 billion from the fund under a 3 year program.
The government is hopeful of clinching a deal before the end of 2022 to restore investor confidence in the economy.