Government says it is taking steps to protect the investment of citizens as it pushes for a deal with the International Monetary Fund (IMF).
President Akufo-Addo expressed confidence in his negotiators to see through a bailout which will prevent the loss of funds of persons and institutions that have invested in various public funds.
"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," he said on Sunday.
This comes on the back of projections from financial analysts which have painted a gloomy picture for investors amid talks around the deal.
Ghana is currently at the doors of the IMF for a possible $3 billion bailout amid intensifying hardship, skyrocketing fuel prices, a rising cost of living and a depreciating cedi.
Some have pointed to a possible haircut that will see investors losing portions of their funds as part of possible debt restructuring measures which may come up in the ongoing talk with IMF.
A haircut refers to the lower-than-market value placed on an asset being used as collateral for a loan.
But President Akufo-Addo is allaying these fears.
In an address about modalities being explored to get the economy out of the downturn, President Akufo-Addo was optimistic that "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 has also hinted at possibly securing a deal with the IMF by the end of the year.
According to him, the country is likely to arrive at an agreement by December to get the crucial bailout it seeks.
Latest Stories
-
About 95% of PWDs in Obuasi have source of livelihood – MCE
8 mins -
Immigration Service intercepts 54 gallons of fuel
11 mins -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
19 mins -
Bawumia to launch Ghana’s credit scoring system on Nov. 7
23 mins -
Alan to combat galamsey with strategic youth-centred business model
26 mins -
Agona Swedru chiefs commit to ending child marriage within their jurisdiction
40 mins -
Sunyani Traditional Council endorses Bawumia – NAPO government
42 mins -
Adutwum defends double track in Free SHS, citing research and positive outcomes
47 mins -
‘Prevent and condemn illegal pressure on Judiciary’ – AG to GBA
52 mins -
Mahama alleges biased development allocation by NPP
53 mins -
Do not rely solely on foreign investments for your operations, business told
57 mins -
Boeing strike ends as workers accept new contract
2 hours -
GAF will not relent in its quest to counter external threats – GOC Southern Command
2 hours -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
2 hours -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
2 hours