Richmond Kwame Frimpong, an investment analyst, has called attention to a troubling development in the nation's budgetary landscape.
He thinks that the country's savings culture may be in jeopardy as a result of the present Domestic Debt Exchange and the COCOBOD bill default.
This statement was made by Mr. Frimpong during a Sunday interview on The Probe.
The expert said that the nation has made significant progress in persuading its people to value the culture of saving and investing.
In light of the current situation, he is concerned that the populace may start to lose trust in the system.
"Many people thought, at least at this time, that if for nothing else, if I had purchased something that was a fixed-term instrument from... cacao bills to treasury bills or even if I had purchased a bond, it is an instrument that is having an almost zero risk and if now it cannot be rescued...
"Now that I've had so many setbacks, I've decided to try again to gain greater stability... The void it will create for the culture of investment will be difficult to close now that it is a problem.
The country will face greater difficulties in the future since "nearly everyone is suggesting that it's even unsafe to put money in the bank," he continued.
To address this problem, Mr. Frimpong offered the administration two possible alternatives.
The first was that a coordinated working plan from the banking, insurance, pension, and investment sectors was required to avert the disaster that the ecosystem is currently experiencing.
For Ghanaians to comprehend and appreciate what is happening, he also suggested that enough communication be given to the general population.
The distinction between the cocoa bill and treasury bills was also made clear by Mr. Frimpong. "If treasury bills are exempted, so to speak, we should not understand that to indicate that the probable default on this cocoa bill implies if you have a treasury bill, it would face the same thing," the author said.
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