Gov’t has paid over GHC5 billion to customers of savings & loans companies - Report

Gov’t has paid over GHC5 billion to customers of savings & loans companies - Report

- An estimated GHC2.11 billion has been recently paid to customers of defunct savings and loan companies in Ghana

- Till date, the total amount paid to customers of collapsed companies stands at GHC5.66 billion

- It has been projected that all such clients would be paid latest by the end of May 2020

Our Manifesto: This is what believes in

Information available to shows that GHC2.11 billion has been paid to customers of defunct savings and loan companies as well as medium and small-scale enterprises in Ghana.

Again, about GHS2.95 billion in zero-rated coupon bonds, which are debt instruments, has been paid to customers whose funds were locked up as a result of the financial sector crisis.

The total amount of money paid to date, therefore, stands at GHC5.66 billion.

Gov’t has paid over GHC2 billion to customers of savings & loans companies - Report
Eric Nana Nipah, the Reciever Source:
Source: UGC

READ ALSO: Moneylenders 'cry' over Bank of Ghana's GHC2 million minimum requirement; fear collapse

Per a report by, 297,000 customers are expected to receive payments after validation of claims.

According to the official liquidator, Eric Nana Nipah, about 290,000 customers, representing 98% of individual customers, will be paid fully in cash whilst the remaining 2% will receive their payments in cash and bonds.

The Minister of Information, Kojo Oppong Nkrumah, added that hopefully, the Receiver would have settled all claims by the end of May 2020.

He explained that “they want to conclude the final second level validation of GHS340 million and make payment accordingly.”

Total claims made at the end of the extended deadline were GHS6.4 billion. earlier reported that members of the Coalition of Aggrieved Fund Management Customers are calling on the government to come to their aid as a matter of urgency.

According to them, the government should immediately release funds to pay them as the outbreak of the coronavirus has worsened their plight.

The customers of the 53 fund managers, some of who reside in Accra, Tema and Kumasi, explained that their living conditions have been worsened by the outbreak.

READ ALSO: 2020 SONA address: Akufo-Addo assures customers of collapsed firms of swift payment of deposits

Enjoyed reading our story? Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!

Ghanaian landlady cancels rent for 3 months due to coronavirus | #Yencomgh

Subscribe to watch new videos

Use the comments section below to share your views on this story. Do you have a story to share or you have information for us? Get featured on Message us on Facebook or Instagram


Online view pixel