The Managing Director of Stanbic Investment Management Services (SIMS), Kwabena Boamah, has encouraged investors not to lose hope in Ghana’s economy. Speaking at the sidelines of the March 2023 edition of the Graphic Business/Stanbic Breakfast Meeting in Accra, Kwabena Boamah said even though investor concerns are understandable, they should be rest assured that the economy will bounce back.

According to him, “If you look at the series of events that have happened over the past couple of years, it is understandable that people will have concerns. Take for example the debt restructuring; we have only completed the first phase of it, which is the domestic debt restructuring. There is the second phase, which we understand the Finance Minister has gone to China to negotiate. That has not been resolved yet and we don’t know what the outcome will be. Whether or not the IMF will come on board is still a question that remains to be answered.”

He added that “There are also concerns around liquidity where people have their bonds and have not been able to sell. The issue of mark to market valuation of fixed income investments is still lingering. So, the concerns are warranted given the current environment we find ourselves in but I believe that there is still hope based on the premise that markets go through a cycle. What we are going through is a phase and we will definitely bounce back. Investors should not panic, we have already seen inflation drop over the past two months, interest rates on T-Bills have dropped significantly and there are indications that the economy will bounce back. It’s just a matter of time. These trends will boost the recovery process and spur growth.”

Kwabena Boamah also implored investors to be patient with the system and keep investing. He advised that “It’s a time that we all need forbearance. We understand that people have lost money, we understand that people have gone through difficult times. But we believe that markets will always bounce back. It is an issue of time, so we encourage all investors not to lose faith. They should continue investing because our economy will bounce back.”

The Graphic Business/Stanbic Breakfast Meeting is a quarterly event hosted by Graphic Communications Group and Stanbic Bank Ghana. The event brings together subject experts to discuss topical issues affecting the country’s socio-economic development. The March 2023 edition discussed “Domestic Debt Exchange Programme (DDEP) – Lessons and implications for how you invest.”