Accra, the Economic Management Team (EMT) has told Ghana’s bondholders that they would receive their final payments in 2037. How the question is, where will Akufo-Addo be in 2037?
They spent the best part of the time trying to convince you with lies that Ghana’s Debt to GDP is 76%. The hard scary truth is now out indicating that we are over 100% in debt to GDP.
The reckless regime of Nana Addo Dankwa Akufo-Addo and Dr Mahamudu Bawumia have dealt the most unprecedented damage to the economy of Ghana.
BRACEUP FOR MAXIMUM IMPACT
Bank of Ghana Governors have just ended a crucial meeting with MDs of banks and other stakeholders. The details emerging will shock you.
Here are a few highlights of the yet to be announced Ghana’s Debt Exchange programme to qualify for an IMF bailout (loan)
- It will take this Government more than 10 years to achieve debt sustainability. This is the long haul. This is an indication of how long Ghanaians may continue to suffer the bad policies of NPP.
- Contrary to President Akufo-Addo’s emphatic statement that *”there will be no haircuts”*, it has emerged that there will actually be a wicked haircut with a piece of a broken bottle.
Mr Akufo-Addo does not understand the issues.
- For the first time, bondholders, both domestic and international, will suffer massive haircuts.
- For the first time, the haircuts will affect both principal and interest. No one does this to its lenders.
Here is how your interest will be paid to you, if you invested in government commercial papers
2023: 0% interest payment
2024: 5% interest payment
2025: 10% interest payment to maturity.
For your principal payments, here is what you should expect:
2026-2027: 17% payment
2028-2029: 17% payment
2030-2032: 25% payment
2033-2037: 41% payment
Watch this space for how things unfold as Ghana’s financial sector is being decapitated, domestic capital market gasping for breath in a comatose equity market.
For, you aren’t seen nothing yet.
By Sulleyman Abdul-Wahab