GH¢700 Million Released To Blackshield, Other Customers Of Collapsed Fund Management Companies

• The government has announced the release of GH¢700 million to certain customers whose funds have been locked up
• The amount is the first tranche of a total of GH¢1.5 billion allocation listed in the 2024 mid-year budget review
• The aggrieved Blackshield Funds Management customers are notably among the expected beneficiaries

The government has announced the release of GH¢700 million to customers whose funds have been locked up in various fund management companies whose licenses have been withdrawn.

Aggrieved Blackshield Funds Management customers are notably among the expected beneficiaries.

This amount represents the first tranche of a total of GH¢1.5 billion allocation indicated in the 2024 mid-year budget review.

Graphic Online reported that the remaining GH¢800 million will be released in two later tranches.

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Minister of Finance Mohammed Amin Adam gave this update at an economic briefing on August 29.

Adam said the release was to provide relief to individuals affected by the withdrawal of the licenses of those fund management companies.

“Yesterday, I instructed the Controller and Accountant General to release the funds to mitigate the stress on affected persons. The 1.5 billion cedis will be released in three tranches,” he said.

The Minister further explained that the first tranche of GH¢700 million has been processed and released to the Securities and Exchange Commission for further distribution to affected customers.

Nduom calls on government to pay his companies

The chairman of Groupe Nduom, Dr Papa Kwesi Ndoum, earlier claimed that the government still owes two of his companies and other subsidiaries over GH¢7 billion.

Nduom, the owner of the defunct Gold Coast Fund Management Company, now BlackShield, called on the government to reimburse contractors who borrowed money from Groupe Ndoum.

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Finance Minister urges Parliament to approve GH₵500M withdrawal from contingency fund over drought

One of the companies under the Groupe Nduom won a GH¢174 million judgment against Health Network Company Limited.

GN Bank staff's protest

YEN.com.gh reported that former staff of GN Bank had staged a one-man demonstration to demand that the bank be revived.

Philip Sarpiah also wanted the state to settle the Provident Fund of over 6,000 former bank staff.

On Friday, January 20, 2023, he marched for over 30 kilometres in the scorching sun to present a petition to the president, which a presidential staffer received at Black Star Square.

Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh

Source: YEN.com.gh