Gov't provides GH₵700m relief to collapsed fund management customers

Accra, Ghana  - Eligible customers of collapsed fund management companies are set to receive a total of GH₵700 million in compensation, the Finance Ministry announced today.

Speaking at a press briefing in Accra on August 29, 2024, Finance Minister Dr. Mohammed Amin Adam revealed that the payout is the first tranche of a GH₵1.5 billion allocation, as outlined in the 2024 mid-year budget review.

The compensation package aims to provide relief to individuals who have been unable to access their funds since the collapse of several fund management companies in the country.

According to Dr. Amin Adam, the payments will be made in three tranches, with the remaining amounts to be released in due course.

"We had indicated in the 2024 mid-year review of fiscal policy that the government has approved the disbursement of an additional GH₵1.5 billion to provide relief and bailout to people whose funds have been locked up in fund management companies.”

According to the Minister, the initial GH₵700 million payment has been finalized and handed over to the Securities and Exchange Commission for disbursement to eligible customers. The remaining GH₵800 million will be distributed in two additional installments.

 Dr. Amin Adam stressed that the primary objective of releasing these funds is to alleviate the financial burden on affected individuals and offer them significant relief.

“I’m glad to inform you that the Ministry of Finance has processed the release for the first tranche of 700million Ghana cedis of the additional GH₵1.5 billion for the Security and Exchange Commission to further bail out the remaining customers whose funds were locked up including Black Shield Funds Management customers.”

“Yesterday, I instructed the Controller and Accountant General to release the funds to mitigate the stress on affected persons. The 1.5 billion cedis will be released in three tranches," he stated.

Source : Lead News Online