“Akufo-Addo erred,”-There will be a haircut, says Ato Forson

ato forson

In order to stop the current economic crisis, Dr. Cassiel Ato Forson, MP, Ajumako-Enyan-Esiam, has stressed that Ghana’s debt restructuring will involve some “haircuts” for the nation. He holds a different opinion from President Nana Addo Dankwa Akufo-Addo, who in his speech to the nation on Sunday, October 30, unequivocally affirmed that investors’ cash in various public projects would not be lost. As the administration works to reach an agreement with the International Monetary Fund, the president underlined that measures would be made to safeguard citizens’ investments (IMF).

“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 cleanup, government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” Akufo-Addo said

But when referring to Accra-based In light of Ghana’s impending IMF bailout, Joy FM, the ranking member of the parliament’s finance committee, predicted that there would undoubtedly be a “haircut.”

“I don’t know the basis the President made that statement and if you run the maths, it doesn’t add up and I will be surprised that Ghana will get an IMF programme without a haircut.”I can say on authority that there would be some form of a haircut. Clearly, someone is not briefing the President properly or probably the writing did not come out well. ‘The President goofed’, he shouldn’t have said it in a categorical manner because what it has done is that, it has sent additional uncertainties to the market clearly indicating that someone is not on top of his job.”I do not know how our debt will be sustainable by the year 2028 brings to over 100 per cent…clearly indicating that we are to [remove] 50 per cent of debt without a debt restructuring, it is impossible,” Dr. Ato Forson stated

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