There Will Be “No Haircut” For Local Investments – John Kumah Insists

John Kumah, who is a deputy finance minister, said that President Nana Addo Dankwa Akufo-promise Addo's that there would be "no haircut" was only true for investments in Ghana.

After the Finance Minister Ken Ofori-Atta presented the 2023 budget to Parliament on Thursday, November 24, Mr. Kumah, who is also a lawmaker for Ejisu, told 3business that there will be events outside of Parliament where bond holders will get a haircut.

"We hope to reduce the amount of money the government has to pay in interest and debt," he said.

He also said, "We are very sure that the domestic investors in Ghana, as things stand right now, will not have their principals cut in any way, as the President has already said."

"Of course, there will be things going on outside of our company that will affect our bond holders. But we won't cut their hair or touch their principal on the domestic one."

If Ghana finally makes a deal with the IMF, President Akufo-Addo promised that no investor's money, including pension funds, government treasury bills, or other instruments, would be lost (IMF).

Mr. Akufo-Addo said that some people are worried that if the deal with the Fund goes through, they will lose their investments.

But in a speech to the whole country on Sunday, October 30, Mr. Akufo-Addo put those worries to rest by saying that no one will lose money, just like customers' deposits were saved during the clean-up of the banking sector.

He said, "There will be no "haircuts," so I want everyone to ignore the false rumors, just as the government made sure that none of the 4.6 million depositors who were affected by the banking sector clean-up lost their money."

"I also want to reassure all Ghanaians that no one, including pension funds, who has invested in Government treasury bills or other instruments will lose money because of our ongoing talks with the IMF."

From 3News.