President Akufo-Addo has hinted customers of the collapsed Savings and Loans firms who still have their investment locked up with the Receiver will begin receiving full payments from Monday.
“I am informed that the Receiver of the Savings and Loans and the Microfinance institutions will on Monday 24th February [2020], begin making payments to their customers, [with] these monies totalling GH¢5 billion being in addition to the GH¢13 billion being paid to the customers of the failed banks.
“I will like to repeat that all depositors of the savings and loans and Microfinance institutions including DKM which collapsed in 2015, will receive a 100% of their deposits once the validation exercise is concluded,” he announced during his last State of the Nation Address Thursday.
The licenses of some 23 Savings and Loans companies were withdrawn by the Central bank in August 2019.
Following the revocation, the Bank of Ghana (BoG) gave the assurance that funds are available to pay depositors of the affected companies.
The BoG in a statement said “in line with the government’s commitment to protect depositors’ funds, the Government has made funds available to enable the Receiver pay depositors after their claims are validated. The Receiver will in due course make an announcement with regards to when and where payments will be made.”
According to the BoG, the revocation of the licences of the institutions had become necessary because they were insolvent even after a reasonable period within which the Bank of Ghana had engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.
Source: starr
