
Govt to invest $2bn annually for five years to tackle unemployment
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29th October 2022 9:53:54 AM
1 min readBy: Chris Kodo
Dr. Mark Assibey-Yeboah, a former representative for New Juaben South, has urged local investors to maintain their composure.
The economist and former chair of the finance committee asserts that short-term investors' investments are safeguarded by law, negating the need for investors to hastily sell their bonds.
The unpredictability of Ghana's economic recovery has recently hurt the Treasury Bills Market. The planned debt restructuring process is mostly to blame for the market's unease.
The mad rush for cash is having a toll on banks, affecting their balance sheets and capital adequacy requirements.
There is the 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, (IMF) for a program that could see the country receive about $3 billion from the fund under a 3-year program.
The government is hopeful of clinching a deal before the end of 2022 to restore investor confidence in the economy.
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