‘No haircut’ U-turn a disgrace to Akufo-Addo – Dr Amoako Baah

Amoako Baah, a senior member of the New Patriotic Party (NPP), has said that the government’s announcement of a debt operation after President Nana Addo Dankwa Akufo-Addo categorically stated that government bond holders will not lose their money is a disgrace to the president.

According to him, the move shows that the president has no credibility, and nobody, including international investors, will have trust in his words.

Baah said that the handlers of the president should not have allowed him to make the ‘haircut statement’ if they were not sure of it.

This shows that the president has no credibility

It can be recalled that President Nana Addo Dankwa Akufo-Addo refuted suggestions that his government would buy off government bonds at rates lower than their expected returns, i.e., “haircut on government bonds.”

Addressing the nation on measures being taken by the government to rescue the economy on Sunday, October 31, Akufo-Addo said: “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.

“The Government of Ghana has been working hard to minimize the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups,” he said, before outlining three main measures: