Customers with locked up funds in various fund management companies have received big news as Finance Minister, Dr Mohammed Amin Adam announces the release of GH₵700 million to settle them
The Finance Minister made this announce during his speech at a monthly economic update at the Finance Ministry on August 29. Dr. Amin Adam, Minister for Finance confirmed that the payments will be made in three tranches, with this first release marking the first tranche.
2024 mid-year budget review mentioned a ₵1.5 billion earmarked for this purpose as government assures to provide relief to individuals affected by the collapse of these fund management companies.
Dr Amin Adam also added 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 and that the remaining 800 million Ghana cedis will be released in two subsequent tranches.
The Announcement by Finance Minister Dr Mohammed Amin Adam
We had indicated in the 2024 mid-year review of fiscal policy that the government has approved the disbursement of an additional GH₵1.5 billion to provide relief and bailout to people whose funds have been locked up in fund management companies.
I’m glad to inform you that the Ministry of Finance has processed the release for the first tranche of 700 million Ghana cedis of the additional GH₵1.5 billion for the Security and Exchange Commission to further bail out the remaining customers whose funds were locked up including Black Shield Funds Management customers.
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.
