Stay calm; no cause for alarm – Dr. Assibey-Yeboah to investors

Dr Mark Assibey-Yeboah, former Chairman of Parliament’s Finance Committee

Former New Juaben South MP Dr Mark Assibey-Yeboah 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 therefore there is no need for investors to rush and liquidate their obligations.

The treasury bill market has been hit in recent weeks by uncertainty over Ghana’s economic recovery.

Market anxiety is mainly due to a planned debt restructuring exercise.

The mad rush for money is weighing on banks, affecting their balance sheets and capital requirements.

There are fears that the planned debt restructuring could prevent Ghanaians from 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 from any debt restructuring exercise.

“Your short-term government bill (91 days, 182 days, etc.) cannot be affected in a debt restructuring in accordance with international law. Keep calm,” he said.

The government of Ghana is currently engaged in negotiations with the International Monetary Fund for a program that could see the country receive around $3 billion from the fund over a 3-year program.

The government hopes to strike a deal before the end of 2022 to restore investor confidence in the economy.

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