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Senior Psychologist at the University of Ghana, Professor Joseph Osafo has predicted doom for Ghana should government fail to resolve the boiling turbulence in the banking sector with regard to investments.

People dread their investments are going to waste or will end up in waste due to the economic challenges and government's inability to stabilize the economy.

There are currently some people complaining about their investments reducing in value.

Some fear there are haircuts happening on the investments but the President of the Republic, Nana Addo Dankwa Akufo-Addo has assured the general public there are no haircuts.

The President, in an October 30, 2022 address, said, I “want to assure all Ghanaians that no individual or institutional investor, including pension funds, in government treasury bills or instruments will lose their money as a result of our ongoing IMF negotiations".

"There will be no 'haircuts', so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, the Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” he added. 

The Finance Minister, Ken Ofori-Atta has also assured that treasury bills (T-bills) are exempted from government planned debt exchange programme.

He gave the assurance in a statement issued on Sunday, December 4, 2022.

“Treasury bills are completely exempted and all holders will be paid the full value of their investments on maturity,” he stated, adding “there will be no haircut on the principal of bonds. Individual holders of bonds will not be affected”.

“We are confident that these measures will contribute to restoring macroeconomic stability,” Ofori-Atta further said.

But Professor Joseph Osafo fears if the government doesn't fix this investment problem, "this thing can really deliver a very dangerous blow".

Speaking to host Kwami Sefa Kayi on Peace FM's morning show 'Kokrokoo', he stressed; "I'm not a Prophet of doom but what I saw in my research and the banking sector, cleaning exercise and what is about to happen; I don't think this is something that this government will really like."

He cited someone desiring to commit suicide over this sudden dwindling of investments and urged government to engage with Ghanaians and stakeholders to explain matters clearer and better to their understanding.

"Engagement should go down and, in your communication, don't communicate with arrogance!", he emphasized.