Debt restructuring won’t affect 94% of Tier 2 pension investments – Gov’t
The Ministry of Finance has refuted claims that about 94% of Tier 2 pension contributions placed in government securities will be affected by debt restructuring moves by the government.
Government as part of processes for securing support from the International Monetary Fund is currently conducting a debt sustainability analysis and there are fears investments in government securities may be affected.
The reports suggested that about GH¢3.7 billion of the GH¢3.9 billion Tier 2 pension contributions placed in government securities may be affected by the Debt Restructuring Programme.
In a statement, the Ministry of Finance said such fears and publications were without merit and do not auger well for the country’s financial sector.
“These publications and “social media advisories” are without merit and are designed to undermine confidence in Ghana’s financial sector,” the Ministry stressed in the statement.
The Ministry assured that the Government’s engagements with the IMF, “both in Accra and in Washington, D.C., on a Programme to restore macroeconomic stability, are progressing steadily.”
“We, therefore, encourage all Ghanaians to disregard these publications, which are in no way reflective of the progress of work being done with the IMF.”
The Ministry further asserted that it had always protected investors’ interests in the financial sector.