Ghanaian President Nana Akufo-Addo said talks with the International Monetary Fund were going well and sought to reassure investors that the negotiations would not lead to a reduction in the face value of government bonds.
The president’s speech to the nation sought to reassure Ghanaians and the markets that the government can curb an economic crisis that has forced it to turn to the Fund for financial support.
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The talks are “are at advanced stages, and are going well,” Akufo-Addo said.
“No individual or institutional investor … will lose their money as a result of our ongoing IMF negotiations. There will be no haircuts,” he said, denouncing as “false rumors” recent reports of a possible such restructuring.
Ghana launched talks with the IMF in July as foreign investors dumped its debt and street protests broke out over economic turmoil that has seen inflation and currency depreciation hit record levels despite repeated and severe lending rate hikes.
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