GH₵700m released to customers of collapsed fund management companies
The government has announced the release of GH₵700 million to customers whose funds have been locked up in various fund management companies, which have had their licenses withdrawn.
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This amount represents the first tranche of a total of GH₵1.5 billion allocation mentioned in the 2024 mid-year budget review.
The remaining GH₵800 million will be released in two subsequent tranches.
The Minister of Finance, Dr. Mohammed Amin Adam, who made this known at a monthly economic update at the Finance Ministry on Thursday [August 29, 2024] said the move was aimed at providing relief to individuals affected by the withdrawal of the licenses of those fund management companies.
“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.”
The Minister further explained that the first tranche of GH₵700 million has been processed and released to the Securities and Exchange Commission for further distribution to affected customers.
“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.”
