Finance Ministry reacts to Tier 2 pension investments discount speculation

BY: Getrude Ankah Nyavi
Ken Ofori-Atta - Finance Minister
Ken Ofori-Atta - Finance Minister

The Ministry of Finance has reacted to claims that about 94 percent of Tier 2 pension contributions placed in government securities will be affected by a supposed debt restructuring move by the government.

The reports had 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.

But a statement issued by the Public Affairs Unit of 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.

Attached below is a copy of the statement:

Accra, Friday, 14th October 2022...

The attention of the Ministry of Finance has been drawn to social media audiotapes and mainstream media publications speculating about a 94% discount of Tier 2 pension investments in government securities. Other publications also encourage a switch from securities to forex as a store of value.

These publications and "social media advisories" are without merit and are designed to undermine confidence in Ghana's financial sector. Indeed, they rather contribute to pressures on the currency and undermine investor confidence.

Government's engagements with the IMF, both in Accra and in Washington D.C., on a Programme to restore macro-economic stability, are progressing steadily. The Post- Covid Economic Growth Programme is designed to bring growth, stability, and relief to our country.

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.

For the avoidance of doubt, it must be recalled that the Government of Ghana since 2017, has always protected investors' interests in the financial sector.

Government will continue with this objective and ensure that investors' best interests are upheld at all times. END