Update public on comprehensive debt restructuring policy – Terkper to government

Former Finance Minister Seth Terkper has urged the government to bring Ghanaians up to speed on its comprehensive debt restructuring policy in order to end market speculations. According to him, although President Akufo-Addo has said there will be no haircuts on investments, a detailed document on the government’s debt restructuring policy will boost investor confidence. Speaking on the Morning Starr on Starr FM Tuesday, Mr Terkper warned that speculation in the market would continue if the detailed plan is not publicized. “…To stop some of the speculations, we need to know precisely what is on the table. We were told that it is an enhanced program; isn’t it time for the citizens to know what their government is putting on the table so that we can speak to it? This whole confusion over whether there is going to be a haircut or not,… it is not speculation because that is what the market is asking. If there are questions which the market, those who gave the money to you, including domestically (those who have invested in Treasury Bills), those from who we’ve borrowed money, they are concerned about what will happen to their money because you are not talking about the risk of default.” Mr Terkper added: “I think what we need is the agenda on the table so that we can be certain. And this is why ex-President Mahama has always called for national discussion and consensus. I think that it is now justified because we are told that it will take 2028 before our debt will be sustainable, and as I’ve said, by that time, the President of the current administration will have been long gone.”

Former Finance Minister Seth Terkper has urged the government to bring Ghanaians up to speed on its comprehensive debt restructuring policy in order to end market speculations. According to him, although President Akufo-Addo has said there will be no haircuts on investments, a detailed document on the government’s debt restructuring policy will boost investor confidence. Speaking on the Morning Starr on Starr FM Tuesday, Mr Terkper warned that speculation in the market would continue if the detailed plan is not publicized. “…To stop some of the speculations, we need to know precisely what is on the table. We were told that it is an enhanced program; isn’t it time for the citizens to know what their government is putting on the table so that we can speak to it? This whole confusion over whether there is going to be a haircut or not,… it is not speculation because that is what the market is asking. If there are questions which the market, those who gave the money to you, including domestically (those who have invested in Treasury Bills), those from who we’ve borrowed money, they are concerned about what will happen to their money because you are not talking about the risk of default.” Mr Terkper added: “I think what we need is the agenda on the table so that we can be certain. And this is why ex-President Mahama has always called for national discussion and consensus. I think that it is now justified because we are told that it will take 2028 before our debt will be sustainable, and as I’ve said, by that time, the President of the current administration will have been long gone.”