By: Justice Appiah
30-08-2024
Finance Minister, Dr. Mohammed Amin Adam says the Ministry of Finance has processed the release of a GH¢700m out of the GH¢1.5m allocated for the bailout of customers of the defunct banks whose funds have been locked up.
Addressing the media at a press conference, Dr. Amin Adam said he had instructed the controller and accountant general to release the funds to mitigate the stress on affected persons.
“We had indicated in the 2024 Mid-Year Review of fiscal policy presented in July 2024 that cabinet had granted approval for the disbursement of an additional GH¢1.5m to provide relief and bailout for those whose funds have been locked up in the fund management companies,” he stated.
According to him, the GH¢1.5m which is expected to be released in three tranches will bring the number of investors to be fully settled under the Black Shield Limited to Eighty-Two thousand and Ninety-Six customers representing 92% of the customers.
The Minister added that, the amount will also settle the rest of the fund management companies with a total of Two Thousand and Sixty-Nine customers representing 8%.
This he said, will bring the total number of investor fully settled under the bailout scheme to Ninety-Four Thousand, One Hundred and Sixty-Five customers representing 90% out of the total validated claims of One Hundred and Five Thousand, One Hundred and Seventy-Eight customers.
Dr. Amin Adam further stressed that the intervention is being done despite the tight fiscal space, adding that the move shows government’s commitment of providing relief to the investors of the defunct fund management companies especially the pensioner groups.