Finance Minister, Dr. Mohammed Amin Adam, has announced the release of GH₵700 million to customers whose funds had been locked up in various fund management companies.
This amount represents the first tranche of a GH₵1.5 billion allocation, which was outlined in the 2024 mid-year budget review. The allocation is aimed at providing relief to individuals affected by the collapse of fund management companies.
Speaking during a monthly economic update on August 29, 2024, Dr. Amin Adam confirmed that the payments will be made in three tranches.
He also highlighted 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, with the remaining 800 million Ghana cedis to be released in two subsequent tranches.
“We had indicated in the 2024 Mid-Year Review of Fiscal Policy presented in July 2024 that cabinet had granted approval for the disbursement of an additional GH¢1.5 billion to provide relief and bailout for those whose funds have been locked up in the Fund Management companies.”
“I am glad to inform you that the Ministry of Finance has processed the release for the first tranche GH¢700 million of the additional GH¢ 1.5 billion for SEC to further bailout the remaining AMCs, including Blackshield Fund Mgt Ltd. Yesterday, I instructed the Controller and Accountant-General to release the funds to mitigate the stress on affected persons. The GHS1.5 billion will be released in three tranches.”
Dr. Amin Adam further reaffirmed the government’s commitment to providing relief to affected individuals of the collapsed fund management companies.
“This amount will bring the number of investors to be fully settled under Blackshield to 82,096 representing 92% and 12, 069 representing 78% of the rest of the FMCs. This would bring the total number of investors fully settled under the bailout scheme to 94,165 (representing 90%) out of the total validated claims of 105,178.”
“This intervention is being done despite the tight fiscal space, evident of Government’s commitment to provide relief to investors of the defunct AMCs especially the pensioners.”
Story by: Alexander Kuuku Osei-Baidoo | univers.ug.edu.gh
