Bank of Ghana responds to misconceptions about non-resident Ghanaians investing in Treasury Bills

The Bank of Ghana has responded to what it describes as ‘misconceptions’ to the effect that non-resident Ghanaians/Ghanaian investors cannot invest in Government of Ghana Treasury Bills.

In a press release issued Thursday August 19, 2010 and copied to ghanabusinessnews.com, the central bank set out to correct the erroneous impression. According to the release, Ghanaian investors resident offshore can continue to invest in Government Treasury Bills.

The Bank however clarified the issue of repatriation of proceeds from investments. It said however, where a non-resident investor, having sent funds from offshore, requires that the proceeds of the investment (that is, interest and maturity value) be REPATRIATED offshore, then they are restricted to the purchase of Government Securities with tenor of three (3) years and above. Adding that “for emphasis, where a non-resident investor requires that his/her investment proceeds be repatriated, then the investment can only be in instruments with tenors of three years (3) and above, such as the 3-year or 5-year bond.”

The Bank further explained that a Ghanaians abroad who invest in 91-day, 182-day Treasury Bills and the 1-year and 2-year Government Treasury Notes do have accounts in the Ghana into which proceeds from these are credited, this the bank said has not changed.

By Emmanuel K. Dogbevi