Boss of think-tank IMANI Ghana, Franklin Cudjoe, has revealed that he has lost over Ghc 100,000 due to ‘haircuts’ on his Ecobank EDC Investments that he has made over the years.
Cudjoe said despite the oft-repeated mantra of ‘no haircuts’, his and the investments of many other Ghanaians have predictably suffered due to the current difficult economic climate.
In a post on Facebook, he said: “I have been given a haircut of a little over GH¢100,000 in my EDC investment made over the years based on Marked to Market value”.
He continued: “My fund manager adds a note, rather painfully, that “Investors that choose to remain in the fund until Ghana’s macroeconomic health and bond prices improve are not likely to realize these losses.”
He feared that until the country’s broken political system is fixed, Ghanaians will continue to suffer at the mercy of the government.
“Folks, based on IMANI’s analysis of government handling of finances from 2010 to 2022, leading to the publication of IMANI’s Fiscal Recklessness Index, this means waiting for at least 8 years for governments not to be so reckless in pretending to manage the economy. And this will be hoping against hope. Until we fix our broken political system that rewards cheap sloganeering with limitless tax and borrowed funds to be splurged at will, we are going nowhere,” he bemoaned.
The government is currently struggling to honour its financial obligations to persons and institutions who loaned it money in the form of bonds and other investment packages.
To tackle its difficult situation, the Finance Minister, Ken Ofori-Atta, announced in a speech on Monday, December 5th 2022 that the government is embarking on a debt exchange program, calling on Ghanaians to cooperate.
Source: theGhanaianVoice.Com