Gov’t Releases GHC 5 billion to pay Stranded Savings& Loans Costumers

The Receiver of the collapsed banks has announced that the Akufo Addo government has released a combination of cash and Financial Instrument totalling approximately GHC5 billion to fully settle outstanding depositor claims of these institutions

“As at Tuesday 31 March 2020, of the GHS1bn cash component of Government’s funding made available to the Receiver/Official Liquidator on 24 February 2020, approximately GHS920m has been disbursed, leaving an amount of approximately GHS80m to be distributed to relevant depositors of the above-resolved entities and Micro Credit institutions placed in official liquidation,” reads a statement from the Receiver Eric Nana Nipah.

Also, from Thursday April 2, 2020, the Consolidated Bank Ghana Ltd (“CBG”) reportedly started issuing a Government-backed non- interest bearing Financial Instrument worth approximately GHS4bn to stranded depositors.

The Akufo Addo administration has been forced to cough up this amount after last year’s financial sector clean-up that saw over 150 savings and loans companies closed down with the funds of depositors locked.