President Akufo-Addo assures Ghanaians their deposits are secured in wake of IMF Program

resident Akufo-Addo has assured Ghanaians that there will be “no haircuts” on investments, contrary to speculations asking the public to ignore such rumors.

He noted that no individual or institutional investor in government Treasury Bills or instruments, including pension funds, will lose money as a result of ongoing IMF negotiations.

President Akufo-Addo said this when he addressed the nation on Sunday, October 30, 2022.  The address, the first to explain the economic situation in the country and measures taken to address them, is expected to be a regular feature until Ghana is salvaged from the current economic quagmire.

Appeal to Traders:

President Akufo Addo also appealed to traders to be measured in the margins they seek on goods, adding that ‘’increasing cost of living is the number one concern for all’’.

He attributed it to the fast-escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and depreciation of the cedi. In his Sunday televised address to the nation, the President said the government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market.

‘’It is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to the consumers’’.

Exports:

President Akufo Addo explained that exports, not imports would be the way for Ghana to recover its economy rather quickly.

‘’Much as we believe in free trade, we must work to ensure that the majority of goods in our shops and market places are those we produce and grow here in Ghana. That is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products, and guarantee a stable currency that will present a high level of predictability for citizens and the business community’’.

‘’Exports, not imports, must be our mantra! Accra, after all, hosts the headquarters of the Secretariat of the African Continental Free Trade Area’’, President Akufo Addo posited.

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