The Minister of State responsible for Finance and Economic Planning, Dr. Mohammed Amin Adam, has provided reassurance to holders of Treasury Bills (T-bills) that their investments will remain unaffected by the debt restructuring programme as outlined in the 2023 budget.
According to Dr. Amin, government is seeking to implement measures that will stabilize the economy while safeguarding the interests of T-bill holders who are already navigating increased cost of living due to the spillover effects of the COVID-19 pandemic and the Russia-Ukraine War.
In an interview on Joy News' PM Express on August 24, 2023, Dr. Amin Adam made it clear that T-bills are not part of the scope of the debt restructuring programme.
“Allow me to reiterate that the government remains resolute in its decision not to restructure treasury bills. Treasury bills have been, and will continue to serve as, a dependable source of revenue for the government, supplementing the other revenue streams in place. It is crucial for individuals to remain assured that the government is maintaining its steadfast commitment to this established stance,” he said.
He said T-bills have long served as a reliable investment avenue for individuals and institutions, which is why government is dedicated to ensuring the security of these investments amidst broader economic measures.
This assurance echoes Finance Minister Ken Ofori-Atta's earlier statement in January, where he categorically affirmed that "treasury bills will forever remain sacrosanct."
Both Dr. Amin Adam's comments and Ken Ofori-Atta's commitment underscore the government's dedication to preserving the stability of T-bill holdings and maintaining the trust of T-bill investors.
Meanwhile, government has settled the first coupon payment of bonds affected by the DDEP.
The Ministry of Finance in a statement released, highlighted that in accordance with the terms of the DDEP, which was launched on December 5, 2022, to complement the government's fiscal programme, the initial coupon payments for the tendered bonds were due on August 22, 2023.
In alignment with this commitment, the government fulfilled its obligation by entirely settling the first coupon payment linked to the DDEP, totaling GH¢2,369,667,190.18.
The Finance Ministry additionally remarked that the new bonds issued under the DDEP now take center stage as the prominent instruments within the domestic bond market.
It says the settlement of these coupons lay a strong foundation for a swift economic recovery reinforcing government’s unwavering determination to honoring all upcoming payment commitments, adhering strictly to the new arrangements and terms.
MA/NOQ
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Dr. Mohammed Amin Adam, Minister of State responsible for Finance