Ken Ofori-Atta, the Finance Minister of Ghana, has advised investors against the immediate rush for the withdrawal of their investments from banks and other financial institutions.

According to the finance minister, some Ghanaian Investors are visiting their various banks and financial institutions to withdraw their savings and investment with the notion of preventing any risk related to loosing both their principal and interest.

The sudden panic withdrawal by these investors is based on reports that, some customers of Data bank and Ecobank have lost hundreds of cedis on their investment which has to the extreme affected their principal, he said.

Not limited to that, he also disclosed investors are withdrawing their investment after government announced its debt operation program on the 4^th of December.

Mr. Ken Ofori-Atta reacting to this during a press conference on Monday, December 5, has urged customers to be patience with the rush to withdraw their monies from banks and other savings and loan institutions.

Financial Stability fund has been established by the government to ensure that depositors funds are safe, he stated.

“There is no need to rush for your money because certain forbearance will also be given to these institutions to help, so in essence, this is an opportunity to have a pretty orderly exit and use that period also to build up an export driven economy to get our macro statistics in order”
Minister Of Finance, Ken Ofori-Atta

Exchange of Existing Bonds For A New Set of Bonds

Ken Ofori – Atta during the conference also disclosed that, existing domestic bonds will be exchanged for a set of four new bonds. Bonds that were due for payment on December 1, 2022, will not be paid until at least five years from now.

“Domestic bonds that will be exchanged for a set of four new bonds will mature in 2027, 2029, 2032 and 2037.”
Mr. Ken Ofori-Atta

According to him, this initiative may be one of the most effective collaborations of the regulators.

The collaborators included Bank of Ghana, Securities & Exchange Commission, National Insurance Commission and the National Pensions Regulatory Commission. Hence, this will ensure that, the impact of the debt operation on the financial institution is minimized,” he disclosed.

Ken Ofori-Atta pleaded with the media to support government’s initiative and to participate with the collaborators in conveying right information to the citizens. Educate Ghanaians more on the debt exchange program to encourage, he added.

“We ask for your support in this and we as government are also committed to fiscal rectitude in ensuring that next year, even though it is going to be difficult, it is a year in which we will cross.”
Minister of Finance, Ken Ofori-Atta