Explainer: Depositors investments won’t go waste - Ofori-Atta assures

Explainer: Depositors investments won’t go waste - Ofori-Atta assures

- The financial sector clean-up commenced by the Akufo-Addo administration in August 2017 has led to the collapse of nine universal banks

- 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions have all gone down

- But Finance Minster, Ken Ofori-Atta has urged Ghanaians not to worry, since their monies wont't go waste

Investments and deposits that are locked up with the collapsed Savings and Loans companies will not go waste, the Finance Minister has assured.

According to Ken Ofori-Atta all persons affected by the clean-up of the financial sector will be duly sorted out.

In August 2019, the Central Bank revoked the licences of some 23 Savings and Loans companies in the country.

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But the sector minister, Mr. Ofori-Atta said the clean-up exercise was a bold step to bring sanity into the banking sector.

He also appealed for the affected depositors to ignore the propaganda and politics which seek to undermine the good efforts of both government and the central bank.

The Finance Minister said this at the 56th Annual Session of the Ghana Baptist Convention (GBC) at Ejura in the Ashanti Region.

Meanwhile, the move by the governing NPP, has been criticised by the opposition National Democratic Congress (NDC).

READ ALSO: 4 auditing firms who failed to do due diligence on collapsed banks sanctioned

A member of Parliament’s Finance Committee and MP for Bolgatanga Central, Isaac Adongo said government could have stabilised the banking sector if it had rather borrowed a significantly less amount to settle the contractors.

YEN.com.gh earlier reported that public sector workers, beginning 2020, will enjoy up to a 40% increment in categories Two and Three allowances, in addition to a 12% increase in base pay.

The agreement was arrived at a meeting of the Public Services Joint Standing Negotiating Committee (PSJNC), which comprises organised labour, the Fair Wages and Salaries Commission (FWSC), the Ministry of Employment and Labour Relations and the Ministry of Finance.

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Source: Yen

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