Value of bonds held by foreigners has declined
An economist, Courage Boti says the number of foreigners holding domestic bonds in the country has declined.
Speaking in an interview on Joy FM’s Top Story on Friday he attributed the decline to the government’s precarious liquidity position, which has worsened the country’s debt position.
“I have been studying some data and from September last year till now [October 14, 2022] foreigners holding of bonds have declined from about ¢33b to now about ¢17.3b,” he said.
His comment follows the cedi breaching the ¢12 to the dollar mark within just a week, selling at ¢12.10 at most forex bureaus or the retail market.
When asked what options are available to government to deal with the cedi’s depreciation, he suggested that government makes “progress with a balance of payment support from the International Monetary Fund (IMF).”
In his view, when the balance of payment support from the IMF is secured, it will reassure investor confidence.