Oppong Nkrumah: No haircut of bonds covers only principals

Information Minister, Kojo Oppong Nkrumah

Minister of Information, Kojo Oppong Nkrumah, has explained that assurances given by President Nana Addo Dankwa Akufo-Addo  that there will be no ‘haircuts’ with investments in bonds cover only the principals.

Speaking on Accra based Citi FM on Monday, Mr Oppong Nkrumah noted that “My understanding is that no principals will be touched. No principals will have a haircut.”

The comment from the Information Minister makes it uncertain whether profits from the bonds would be affected or otherwise.

But Mr Oppong Nkrumah has added that full details would be given in subsequent days.

“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.

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No haircut

Addressing the state on the economy on Sunday, President Akufo-Addo stated that there will be no 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.

“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.

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