Archbishop Charles Agyinasare has revealed that a financial institution with which he had an investment is unable to pay him his GH₵106,000 accrued investment at a go.

Instead, he said the bank has promised to pay the money in 106 weeks by crediting him GH₵1,000 every week.

Leading a prayer for Ghana’s ailing economy on Wednesday, 25 January 2023 at the Perez Dome, Archbishop Agyinasare said: “In Genesis chapter 47: 15, it says: ‘And, when money failed in the land of Egypt and in the land of Canaan, all the Egyptians came to Joseph’”.

Sharing his personal experience as a testimony, the founder of Perez Chapel International caveated: “I’m going to say something, don’t be political about it. I’m not talking politics; I’m talking Ghana”.

“We are in a time like that time when our money is failing, if it has not already failed, because our banks cannot even pay people’s bonds – bonds which were risk-free”, he lamented.

He continued: “I’m going to give you my personal testimony: I have an instrument with a certain financial institution, with a bank, and I’ve done it [for so long] and it’s about GHS106,000; and I said: ‘I’m taking my money’. They said to me, they are going to pay me GHS1,000 every week. That means that the GHS106,000 will take me 106 weeks [to get]”.

“And when I said they should do something about it, they said: ‘It is because it is even you, Archbishop because some people come to our bank and they weep’”, the clergyman narrated.

Archbishop Agyinasare noted that with the “[debt] restructuring we are doing; some people’s monies will take 30 years to be paid. And, so, I’m not talking politics, I’m talking reality”.

He stressed: “When money failed in Egypt, they came to Joseph. Joseph represents Jesus, so, you and I are going to the Lord in prayer because with what is happening, very soon people are going to lose their jobs because companies who have monies [with financial institutions] and they can’t take the monies and they can’t pay their staff will have to let them go, if the Lord doesn’t intervene and, so, don’t think politics this time, think Ghana and think what I’m talking about.”

A Prayer for Ghana’s Ailing Economy

The debt restructuring programme was launched by Finance Minister Ken Ofori-Atta late last year.

Different groups within the financial sector have rejected the programme and called for various amendments and/or exemptions.

A few days ago, the government said it has, together with the Ghana Association of Banks (GAB), made “significant progress” on the terms of the participation of banks in the domestic debt exchange programme (DDEP).

This agreement, according to a statement issued on Monday, 23 January 2023 and jointly signed by the two parties, “encompasses final improvements to the terms of the DDEP”.

It includes “an agreement to pay a 5% coupon for 2023 and a single coupon rate for each of the 12 new bonds resulting in an effective coupon rate of 9%, clarity on the operational framework and terms of access to the Ghana Financial Stability Fund (GFSF) and the removal or amendment of all clauses in the Exchange Memorandum that empowers the Republic to, at its sole discretion, vary the terms of the Exchange”.

The Ghana Association of Banks “recognises the progress made and notes that participation of its member banks in the DDEP, per the new terms, is subject to each individual bank’s internal governance and approval processes but, in any case, not later than January 30, 2023”.

“This is a significant milestone toward addressing our economic challenges, and will thus help to restore macro-economic stability and accelerate Ghana’s economic growth”, the statement noted.

“With this achievement, the government of Ghana reiterates its commitment to concluding the DDEP in time with all other stakeholders”.