Treasury bills will not be affected by debt restructuring – Deputy Finance Minister

Deputy Finance Minister Abena Osei Asare has assured holders of Treasury Bills (T-bills) that their principals will not be affected by the debt restructuring programme announced by Finance Minister Ken Ofori-Atta in the 2023 budget.

She explained that the government is finding lucrative measures to stabilize the economy, but the focus is not on T-bills account holders who are already striving to survive in the country.

Addressing the media after the budget presentation, Ms Asare indicated that the principal of domestic bondholders would not be touched during the process.

According to her, “T-bills are out of the perimeter of the debt operations. It has been stated clearly”.

She suggested that exemptions granted to foreigners transacting businesses in the country will be a thing of the past as the government will tend to focus on such groups due to the depreciation of the cedi.

She said that the government aims to maintain the economy after the debt restructuring, “at the end of the debt restructuring, the ministry will come out with structures and terms that will ensure that the market corrects itself so that a robust country is built”.

Meanwhile, Deputy Minister of Finance, Dr John Ampontuah Kumah, after the budget presentation, also announced to Treasury Bills holders that they will receive zero interest for 2023 under the measures taken by the government for the debt restructuring.

Speaking on how the government has planned to restructure the country’s debt profile, Mr Ofori-Atta said, “the government will suspend interest payments for domestic bondholders and impose a 30% haircut on foreign bonds”.