Akufo-Addo’s ‘no haircut’ comment applies to only the principal not accrued interest – Oppong Nkrumah clarifies

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Information Minister Kojo Oppong Nkrumah has clarified that President Nana Akufo-Addo’s ‘no haircut’ assurance he gave Ghanaians in his national address on Sunday pertains only to the principals invested and not accrued interest.

“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. There will be no ‘haircuts’, 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,” President Akufo-Addo assured Ghanaians.

In a subsequent interview, however, Mr Oppong Nkrumah said: “My understanding is that no principals will be touched; no principals will have a haircut.”

He said “the debt sustainability strategy is yet to be announced in full.”

“When they are done with the rest of the strategy, and they come out and do a full announcement, we will have clarity on the form that the debt restructuring will take,” he added.

As to what would happen to accrued interests, Mr Nkrumah said: “I think we should give them time to come out and announce the full details of the debt sustainability strategy.”

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