Government Releases Ghc5B To Settle Defunct Savings And Loans Customers

Government has released a total Ghc 5 billion to the receiver of the defunct Savings and Loans microfinance companies to settle all validated claims due depositors.

This was contained in an announcement gave by the Ministry on Monday, February 24.

President Nana Addo Dankwa Akufo-Addo had indicated in his message on the State of the Nation in Parliament last Thursday that measures have been set up to settle the clients from Monday.

As indicated by the announcement, by the arrival of the money “all investors will be paid their required funds”.

This comes after government burned through GH¢6.1 billion to settle clients of up to GH¢20,000 each, pending the sale of assets of the defunct financial institutions.

Up until this point, total of GH¢17.7 billion has been spent in the settlement of clients since the clean up of the financial sector

The announcement revealed that sale of properties of the defunct institutions has been too slow.

“We expect that the ongoing accelerated pace of the arraignments and intensification of the civil recovery process under the receivership will bring about considerable recuperation of these monies for the Treasurer.”

The funds will be dispensed to the clients through Consolidated Bank Ghana (CBG).

Depositors have been informed that the receiver and CBG will give a nitty gritty arrangement and systems on the best way to settle them.

In some other news, a concerned fan of Burna Boy has sent him a long letter. Read here.

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