Gov't has started payment of locked-up funds - Customer confirms

Gov't has started payment of locked-up funds - Customer confirms

- A customer of one of the collapsed Savings and Loans company, First Allied has confirmed that government has indeed started full payment of funds to depositors

- Even though she has not received her money, she is hopeful of retrieving her GHc 7,000

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A customer of one of the collapsed Savings and Loans company, First Allied has confirmed that the government has indeed started full payment of funds to depositors of Finance House companies.

Madam Georgina Offei said even though she has not received her money, she is hopeful of retrieving her seven thousand cedis(GHc 7,000) remaining at First Allied.

She made it known while speaking in an interview on NEAT FM’s morning show, 'Ghana Montie.'

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“Some of my friends have received fully their monies and others half payment; I haven’t received mine yet but still waiting to see my alert before I go for my money. I have been assured to receive my money back,” she said.

Management of Consolidated Bank Ghana (CBG) has disclosed the bank’s readiness to commence full payment of funds to depositors of collapsed Microfinance, Microcredit, Savings and Loans as well as Finance House companies.

The full payment of funds, which takes effect from Monday, February 24, 2020 was announced by the President in his 4th State of the Nation Address (SONA) last Thursday.

In his address to Parliament, President Nana Addo Dankwa Akuffo-Addo, said his government has made arrangements to pay all depositors of failed financial institutions, including customers of defunct microfinance company, DKM.

READ ALSO: Election 2020: Mahama’s records are superior to Akufo-Addo’s - Sammy Gyamfi

In other news, Ghana has initiated a process of restructuring expensive energy contracts as it seeks to reduce costs in that sector.

In that respect, it is considering a plan to buy out debts of independent power producers in a bid to reduce its power bill.

Ghana, regarded as West Africa’s second-biggest economy, pays about $500 million every year for power it does not consume.

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Source: Yen

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