Finance Minister, Ken Ofori-Atta, has advised against the possible mad rush for investment from financial institutions.
It is reported that some investors are withdrawing their investment after government announced its debt operation programme yesternight, December 4.
The existing domestic bonds will be exchanged for a set of four new bonds and those as of December 1, 2022, that are due for payment will not be paid until at least five years from now.
Mr Ofori-Atta revealed that the new set of four bonds matures in 2027, 2029, 2032 and 2037.
The announcement has sparked some concerns, but according to Mr Ofori-Atta, investors should remain calm.
He revealed that “this may be one of the most effective collaboration of the regulators – the issue of liquidity, so there is no need to rush for your money because certain forbearance will also be given to these institutions to help.”
The collaborators which include Bank of Ghana, Securities & Exchange Commission, National Insurance Commission and the National Pensions Regulatory Commission will ensure that the impact of the debt operation on the financial institution is minimised.
Meanwhile, the Finance Minister has urged their media to truly participate with the collaborators and rally citizens to support the government.
“We ask for your support in this and we as government are also committed to fiscal rectitude in ensuring that next year, even though it is going to be difficult, it is a year in which we will cross,” he added.
