SONA 2020: Customers of savings and loans, microfinance companies to be paid from Monday - Akufo-Addo

SONA 2020: Customers of savings and loans, microfinance companies to be paid from Monday - Akufo-Addo

- President Akufo-Addo has assured Ghanaians that customers of collapsed savings and loans, as well as microfinance companies, will begin receiving their monies from Monday, February 24, 2020

- He explained that the Receiver has been given funds for onward disbursement to those affected by the collapse of such businesses

- He also stated that depositors would be paid in full after their claims have been validated

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President Akufo-Addo has assured customers of defunct savings and loans, as well as microfinance companies of payment from Monday, February 24, 2020.

According to him, about GHc5 billion has been handed over to the Receiver to give out to clients of the collapsed companies.

He indicated that depositors of affected companies would receive all of their deposits once a validation exercise is complete.

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The president made this known in the course of his presentation of the 2020 edition of the State of the Nation Address at the House of Parliament.

Per a report by, President Akufo-Addo stated that this is the second tranche being given out to customers of the collapsed banks.

“I am informed that the Receiver of the Savings and Loans and the Microfinance institutions will on Monday 24th February [2020], begin making payments to their customers, [with] these monies totalling GH¢5 billion being in addition to the GH¢13 billion being paid to the customers of the failed banks,” Akufo-Addo said

The president’s assurance comes on the heels of an earlier one given by the vice president, Dr. Mahamudu Bawumia.

Speaking at a Town Hall meeting in the Ashanti region, Dr. Bawumia stated that President Akufo-Addo has given the assurance that no depositor would lose his or her investment.

In other news, the president of the republic, Nana Addo Dankwa Akufo-Addo has delivered the State of the Nation Address in Parliament.

Nana Akufo-Addo touched on a number of topical issues such as the Year of Return, impending general elections in December 2020 and security in Ghana. has learned that the minority side of Parliament has boycotted the process.

Key stakeholders, including ministers, Members of Parliament and traditional leaders are present and listening to him.

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