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.
In recent weeks, the Treasury Bills Market has been hit by uncertainty regarding Ghana’s economic recovery.
The anxiety in the market is mostly a result of an 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.
The government of Ghana is currently engaged in negotiations with the International Monetary Fund and IMF for a program which could see the country receive about $3 billion from the fund under a three-year program.
The government is hopeful of clinching a deal before the end of 2022 to restore investor confidence in the economy.