President Akufo-Addo has said that about 98% of locked up funds of collapsed micro finance companies as well as savings and Loans customers have been paid.
The banks and financial institutions were collapsed by the Bank of Ghana within a space of two years in a clean-up exercise of the financial sector.
It can be recall that the Finance Minister, Ken Ofori-Atta presenting the mid-year budget review before parliament said the government is spending GHS21 billion in picking up the tabs for the clean-up exercise which President Akufo-Addo speaking on Koforidua-based GBC-owned Sunrise FM in the Eastern Region on Tuesday, 4 August 2020, emphasized on that adding that the state is not indebted to any Ghanaian or institution that fell victim to the collapse of the nine local banks.
“Let me repeat it: Almost all those whose savings were in the banks, all those savings have been refunded and paid to the people”, he stressed.
The President said but for the central bank’s intervention under his watch, the depositors would have lost all their funds since the affected banks were already on the brink of collapse.
“In fact”, he noted, “the intervention of the central bank was all to protect their savings because many of the banks that finally went into receivership were about to collapse”, adding: ‘Their situation was dire, and if they had been allowed to collapse, all those deposits would have gone up in smoke”.
“As far as the micro-finance and savings & loan institutions are concerned, 98 percent of the deposits of the funds have also been paid”.
The President admitted that “There is still a balance”, noting: “The receivers, Nipah and the others, are working on it and I believe Nipah has gone so far as to say that by the end of August, all of them would have been paid”.
“Yes, there are still some in the system that has not received their money but the effort is being made to make sure that they are paid”, he said.
