Alarm blows: Fund managers overwhelmed with redemption requests over haircut fears – GSIA
Alarm blows: Fund managers overwhelmed with redemption requests over haircut fears – GSIA
The Vice President of the Ghana Securities Industry Association, Mr. Kisseih Antonio, has revealed that redemption requests have overwhelmed fund managers as a result of the recent economic challenges.
According to him, the outflow of liquidity increased as some investors feared their funds may suffer haircuts.
President Akufo-Addo in an address to the nation assured that there will be no haircuts on investments, despite claims by NDC officials that investors will suffer haircuts.
“We all expected that we have pooled funds from various investors, and we are going to hold these bonds to maturity…but currently what has happened is that fund managers have been inundated with redemption requests,” Mr. Antonio said.
Meanwhile, the Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh said despite the reduction in the value of investments, this is the best time to buy bonds.
He called on fund managers to make known the current market value to investors to encourage the purchase of Bonds by investors.
The directive was first issued on Thursday, 20th October 2022 to provide consistency in the valuation of assets and portfolios in the securities industry, ensure that the portfolios reflect market values, as well as protect investors, especially investors of Collective Investment Schemes.
Source: Inghananewstoday.com/Citinewsroom
