Only 2% of depositors of collapsed banks and microfinance companies are yet to be paid - Akufo-Addo

Only 2% of depositors of collapsed banks and microfinance companies are yet to be paid - Akufo-Addo

- President Akufo-Addo says his government has paid 98% of depositors of collapsed banks

- He said the remaining 2% will be paid by the end of August

- Akufo-Addo also noted that the BoG had to take the difficult decision of cleaning the sector to avoid future disaster

- Our Manifesto: This is what YEN.com.gh believes in

Only two percent of the customers of the collapsed banks and microfinance companies have not received their monies, according to President Nana Akufo-Addo.

President Akufo-Addo made the revelation in an interview with Koforidua-based Sunrise FM during his Eastern Regional tour on Tuesday, August 4, 2020.

He opined that 98% of depositors of these collapsed financial institutions have been paid their monies.

Only 2% of depositors of collapsed banks and microfinance companies are yet to be paid - Akufo-Addo
President Nana Akufo-Addo. Source: Facebook/Nana Akufo-Addo
Source: Facebook

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... in fact, the intervention of the central bank was to protect the savings because many of the banks that went into receivership were about to collapse.”

He also noted that the intervention of the Bank of Ghana was timely because it has protected funds of depositors. Mr. Akufo-Addo further described the situation that persisted in Ghana’s financial sector as dire.

98% of the deposits and the funds have been paid, but there is still a balance.”

He, however, noted that he acknowledges the fact that there are still some more people who are yet to receive their monies.

The receivers and others are working on it and I believe Nana Nipah has made it known that by the end of August, all of them would have been paid.

He emphasized that 21 billion cedis is what is coming from the government to protect Ghanaian depositors and investors.

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The central bank, in 2017, embarked on a clean-up of the financial sector and revoked the licences of some banks, microfinance, and savings and loans companies.

This exercise by the BoG resulted in the loss of jobs and in some cases locking up of depositors’ funds.

YEN.com.gh earlier reported that Ghana’s President Nana Akufo-Addo has unveiled the first VW-assembled car in the West African nation.

The colourful event happened in the capital, Accra on Monday, August 3, 2020.

Some of the VW models being assembled in Ghana are Tiguan, Teramont, Amarok, Caddy, Polo, and Passat.

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