An economist at the University of Ghana Business School (UGBS), Dr Patrick Assuming has welcomed the comment by President Nana Addo Danwa Akufo-Addo that there will be no \u2018haircut\u2019 as the country seeks a programme with the International Monetary Fund (IMF).<\/strong><\/p>\nHe however, said the President should have provided further clarity on this comment.<\/p>\n
He asked whether there is going to be debt restructuring since he has ruled our out haircut.<\/p>\n
\u201cIt is good the President says there will be no haircut but he should have expanded that comment,\u201d Dr Assuming told Martin Aseidu Darteh on the Mid day news on TV3 Monday October 31.<\/p>\n
He added \u201cwe are in a difficult situation, if we are not doing haircut, will there be restructuring?\u201d<\/p>\n
President\u00a0Nana Addo Dankwa Akufo-Addo\u00a0has assured that no investor will lose his or her money including pensions funds, government treasury bills or instruments if Ghana finally seals a deal with the\u00a0International Monetary Fund\u00a0(IMF).<\/p>\n
Mr Akufo-Addo noted that some members of the public have concerns that they will lose their investments if the deal with the Fund is closed,<\/p>\n
But delivering an address to the nation on Sunday October 30, Mr Akufo-Addo allayed the fears saying, just as customers\u2019 deposits were saved during the banking sector clean up exercise, no one will lose money in this also.<\/p>\n
He said \u201cThere will be no \u2018haircuts\u2019, so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits.<\/p>\n
\u201cI 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.\u201d<\/p>\n
The Ministry of Finance recently announced that following several meetings held in the last few weeks in the US with the IMF, a \u201cclear path towards the final details of a programme has been agreed upon by both parties\u201d.<\/p>\n
In a press release on Friday, October 21, the Ministry added that a Staff-Level Agreement is targeted by the end of the year.<\/p>\n
\u201cA pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a Programme, within the shortest possible time.\u201d<\/p>\n
On Thursday, October 20, the IMF Mission Team Lead, St\u00e9phane Roudet, described the discussions with Ghanaian officials in Washington DC as \u201cfruitful\u201d.<\/p>\n
\u201cWe made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth,\u201d he stated at the end of the discussions.<\/p>\n
\u201cThe IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible.\u201d<\/p>\n
Mr Roudet will lead the Team to Accra in the next few weeks for negotiations to continue.<\/p>\n
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READ ALSO:<\/span>\u00a0\u00a0Border reopen is a fight well-fought \u2013 Jomoro MP<\/span><\/p>\n<\/div>\nThe Finance Ministry urged Ghanaians to continue to be patient \u201cin what is undoubtedly a troubling and challenging time for our economy, and economies globally\u201d.<\/p>\n
\u201cGovernment will continue to work with a fierce sense of urgency to stabilise the economy and place it back on a firm trajectory of growth.\u201d<\/p>\n
Last month, the Managing Director of the Fund, Kristalina Georgieva,\u00a0promised that the $3-billion programme being sought by Ghana will be hopefully completed by end of 2022.<\/p>\n
By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"An economist at the University of Ghana Business School (UGBS), Dr Patrick Assuming has welcomed the comment by President Nana Addo Danwa Akufo-Addo that there will be no \u2018haircut\u2019 as the country seeks a programme with the International Monetary Fund (IMF). He however, said the President should have provided further clarity on this comment. He […]<\/p>\n","protected":false},"author":1,"featured_media":1239496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[648,16891,2470,333,8213,3074,4085,11740],"class_list":["post-1239494","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-akufoaddo","tag-clarity","tag-economist","tag-good","tag-haircut","tag-imf","tag-needed","tag-ugbs"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1239494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1239494"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1239494\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1239494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1239494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1239494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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