Awuni Akyereba, a forensic chartered accountant, has explained that the haircut in the banking sector would not affect savings accounts.
The Ministry of Finance announced the government is looking into the possibility of conducting a debt operation that will cover the terms of payments of principal and interest on public debts (government bonds)—”Haircut.”
The ministry indicated that the move will help reduce the pressure on the government’s budget and also make the nation’s debts sustainable.
Speaking in an interview with Kwesi Parker Wilson on Oyerepa Breakfast Time, Mr. Awuni indicated that these measures by the government would not affect savings accounts.
“The government’s decision to introduce a haircut would not affect savings accounts; it’s only investment that would be affected.”
“The country’s debt keeps increasing as the cedi depreciates, making it difficult for the government to pay off the debt, hence the financial haircut.” Investors who withdraw funds from these investment accounts will not be paid interest for the next three years and will have their principal heavily reduced.
Investors must now decide whether to accept the government’s offer or keep their funds in the bank until the economy improves.” He explained.
Mr. Akyereba made it clear in his delivery that money in savings accounts would not be affected by the haircut.
Source: oyerepafmonline.com/Cindy Adasah Boama
