Finance Ministry Releases Gh₵700M to Customers of Defunct Fund Management Companies | Business News

Dr. Amin Adam, Ghana’s Finance Minister has announced the release of GH₵ 700m as the first tranche of payment of the Gh₵1.5 billion owed customers of the various locked up fund management companies.

During the budget reading, the Finance Minister, Dr. Amin Adam announced that government had allocated a total of GH₵ 1.5 billion which will be disbursed to customers of the defunct banks in order to help reduce the financial hardships brought upon them by the action.

At the Ministry of Finance in Accra on Thursday, August 29, 2024, the Finance Minister told the media present that the money will be paid to customers in three tranches.

He said, “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.”

Dr. Amin Adam added that the first tranche of GH₵700 million has been processed and released to the Securities and Exchange Commission (SEC) for further distribution to affected customers in the coming days.

Dr. Amin Adam emphasised that the release of funds is intended to alleviate the pain inflicted on affected individuals.

“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,” the Finance Minister said.