Withdraw all your moneys from the Bank – Dr Paa Kwesi Nduom to Ghanaians

The CEO of groupe Nduom , Dr Paa Kwesi Nduom has advised Ghanaians to withdraw all their money from the Bank amidst banking crisis.

Dr Nduom’s reaction comes after the Ghana finance minister, Ken Ofori Atta announced Ghana’s debt restructuring program.

Taking it to Twitter, Mr Nduom said;

“Go for your money at the Bank. Withdraw all your moneys from the Bank”

The Finance Minister Ken Ofori-Atta has announced that under the expected IMF Programme to be announced, “domestic bondholders will be asked to exchange their instruments for new ones”,

Also, “existing domestic bonds, as of 1 December 2022, will be exchanged for four new bonds maturing in 2027, 2029, 2032 and 2037”.

“The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity”, he announced Sunday evening (4 December 2022).

Coupon payments will be semi-annual, he said

Former president John Mahama has also reacted to the Ghana’s debt restructuring program announced by Ken Ofori Atta.

Speaking at the 13th Graduation Ceremony of the Accra Business School over the weekend, Mr Mahama lamented that;

“A worst-case scenario is the contemplated compulsory extension of maturities on Government bonds and the haircut investors will have to take if they decide to cash out because they can’t wait that long.

“People have lost value on their investments and could potentially lose even more.”

The government is currently negotiating a programme with the International Monetary Fund for a $3-billion credit facility programme, thus, necessitating the debt restructuring exercise.