IMANI Africa boss  cries over  GH¢100k ‘haircut’  loss on investment

Story: Reuben Sackey

President of policy think tank, IMANI Africa, Franklin Cudjoe, says he has lost over GH¢100,000 on his EDC investment made over the years.

According to him, the haircut on his years of investment is due to the implementation of Marked to Market value.

Government is currently struggling to honour its financial obligations to persons and institutions who loaned it money in the form of bonds and other investment packages.

Government subsequently introduced the debt exchange programme in a bid to give it some breathing space.

The programme demands that bondholders get their principal but forfeit part of their interest and also get a new deal with the government.

A livid Franklin Cudjoe took to his Facebook page on Wednesday, December 7, 2022, to make his complaint.

“I have been given a haircut of a little over GH¢100,000 in my EDC investment made over the years based on Marked to Market value”.

He indicated that “My fund manager adds a note, rather painfully, that “Investors that choose to remain in the fund until Ghana’s macroeconomic health and bond prices improve are not likely to realize these losses.”

He feared that until the country’s broken political system is fixed, Ghanaians will continue to suffer at the mercy of the government. “Folks, based on IMANI’s analysis of government handling of finances from 2010 to 2022, leading to the publication of IMANI’s Fiscal Recklessness Index, this means waiting for at least 8 years for governments not to be so reckless in pretending to manage the economy. And this will be hoping against hope. Until we fix our broken political system that rewards cheap sloganeering with limitless tax and borrowed funds to be splurged at will, we are going nowhere,” he bemoaned

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