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Over 90 percent of locked-up funds in collapsed banks paid ‘ – Deputy Finance Minister

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Deputy Finance Minister, Charles Adu Boahen, has revealed that most of the depositor’s locked-up funds during the banking sector clean-up have been settled.
This comes after former President John Mahama promised to pay depositors locked-up monies within a year if voted into power in the 2020 elections.

According to him over ninety percent of the people have received their monies He further disclosed that 20% of the funds were paid in cash while 80% was paid through bond issues to the depositors

“The bonds were structured to pay out over four years,” Mr Adu Boahen said on the floor of parliament during the debate on the Mid-year Budget Review in Parliament on Tuesday, July 28, 2020.

Mr Boahen, claimed that funds are still locked-up are untrue, stressing that a small portion of these monies remain unpaid. He however stated that the president has set aside GH¢3.1 billion for such payments. He said the rest of the payments will be done when the court grants the receiver the right to liquidate the assets of the defunct financial institutions.

As part of Ghana’s financial sector clean, the central bank revoked the licences of 347 Microfinance Companies and 23 Savings and Loans and Finance House Companies in 2019, citing insolvency, mismanagement and fraud in some cases.

 

Paa Kweku Eshun|Talksafrica.com

Written by EDITORIAL STAFF

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