NPP claim that 96% of locked up funds paid is false – ASEPA

NPP claim that 96% of locked up funds paid is false – ASEPA

- ASEPA has dismissed claims by government that at least 96% of locked-up funds of Ghanaians have been paid

- According to ASEPA, the government lied

- In a statement, ASEPA said customers affected by the banking crisis are still struggling

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The Alliance for Social Equity and Public Accountability (ASEPA) has rebutted claims by deputy Finance Minister, Charles Adu Boahen, that the majority of customers affected by the banking crisis have been paid.

According to the deputy minister, at least 96% of people whose money was locked-up in the collapsed banks and saving and loans companies have received their deposits.

Charles Adu Boahen told Parliament on Tuesday, July 28, that 20% of the funds were paid in cash while 80% was paid through bond issues.

NPP claim that 96% of locked up funds paid false – ASEPA
Some unhappy customers of Menzgold demonstrating Source:
Source: UGC

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“The bonds were structured to pay out over four years,” Adu Boahen said on the floor of parliament during the debate on the mid-year budget review on Tuesday, July 28, 2020.

Reacting to the claim, ASEPA, in a statement signed by its Executive Director, Mensah Thompson, said the minister peddled falsehood.

“Less than 5% of Customers of Fund Management Companies have actually been paid, for Savings and Loans Companies the estimate is around 3% of customers and the Microfinance is hovering around 6%.

“Commercial banks/Universal banks have the highest number of Customers paid, because of the 50% discounted coupon been redeemed at CBG. Close to 15% have redeemed their 5 years Non-tradeable Zero Coupon bonds at CBG at a discount of 50%. Which means they had to forfeit half of their locked-up funds,” ASEPA said.

The statement also claimed some officials in government have benefitted from the collapse of the banks.

READ ALSO: Transport fares to reduce by 10% effective August 1 also reported recently that Vice President Dr. Mahamudu Bawumia has reminded former president, John Mahama, that the 2020 presidential election is a choice between his eight-year record as Vice President and President and the three-and-half-year record of Nana Akufo-Addo as President.

Former president, John Mahama, has been making a series of promises in an attempt to woo Ghanaians, but in a post on his official Facebook page, Bawumia reminded the former president that Ghanaians will judge him by his record as President, not by his new-found promises.

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Source: Yen

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