Depositors have been assured of 100% payment of locked up funds with financial institutions that have been closed down. In his Christmas and New Year message President Nana Akufo-Addo revealed that he has directed the Ministry of Finance to work with the Bank of Ghana (BoG) to ensure a 100% payment of depositors of failed banks, microfinance, and savings and loan companies whose licenses have been revoked.
Date of Payments
The process has been ongoing with receivers working on paying the said depositors. Receivers have earlier on communicated dates as at end of year for which payments would be made. Some persons who have funds with microfinance and some savings and loans companies have already received payments.
This call by the President for 100% does however contradict earlier communication by the Ministry of making capped payments to depositors.
Sanitising the Financial Industry
The President additionally described the decision to sanitise the banking system as a painful but necessary measure that has protected the funds of 4.6 million depositors.
“We’ve had to take painful but necessary measures, to sanitise and save the banking system, a process which I know has brought discomfort to many household.”
GTB can confirm that people have received calls for monies to be paid right into the new year. The Receiver also confirms with GTB that validations of depositors funds took some time but is nearly completed. Those who haven’t heard much of payment should expect calls for payments from January 2020