Customers of collapsed microfinance firms have received almost GHC800 million - Ken Ofori-Atta

Customers of collapsed microfinance firms have received almost GHC800 million - Ken Ofori-Atta

- Ken Ofori-Atta, the finance minister, has stated that an amount of GHC787 million has been paid to 15,997 customers of defunct microfinance institutions

- He went ahead to give details about the various amounts given to the groups of people affected by the collapse of the institutions

- President Akufo-Addo, during his 2020 State of the Nation Address, revealed that GHC5 billion has been set aside for the customers

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The Minister of Finance, Ken Ofori-Atta, has revealed that 15,997 customers of collapsed microfinance firms have been paid a total of GHC787 million.

He explained that the figure represents monies paid as of March 5, 2020.

Shedding light on the breakdown of the amount, he explained that GHC166.3 million has been approved for 581 social organisations and welfare groups that deposited funds with the collapsed firms.

READ ALSO: Latest report shows African countries are burdened with debts linked to commodities

Again, an amount of GHC148.29 million has also been given to savings and loans companies, microfinance institutions, rural banks and finance houses.

Per a report, 48 financial institutions have also been given GHC5.98 million, 91 corporate organisations have received GHC30.3 million and 147,703 people have been paid a total of GHC436.45 million. earlier reported that the government had approved GHC5 billion to be given to the Receiver to pay back monies owed 386 insolvent companies.

The assurance was given by President Akufo-Addo during his presentation of the 2020 State of the Nation Address.

Ken Ofori-Atta noted that the GHC5 billion has been used to fully settle claims by depositors in line with the directive from the president.

In other news, Ken Ofori-Atta has disclosed that a total of $8.98 million was used to print the new GHC100 and GHC200 notes currently in circulation.

Speaking on the floor of Parliament on Tuesday, March 17, 2020, Ofori-Atta explained that the amount is composed of two parts.

He stated that $4.53 million was spent in printing the GHC100 notes while $4.45 million was used in printing the GHC200 notes.

He indicated that the management of the currency is the responsibility of the Bank of Ghana.

READ ALSO: 1D 1 F: Minister announces GHC1.7 billion package for 172 companies

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