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Above 96% of stored-up funds in closed banks ‘fully paid’ – Charles Adu Boahen

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A Deputy Finance Minister, Charles Adu Boahen, has stated a massive hunk of depositors locked-up budget at some stage in the banking quarter clean-up had been settled.

He stated as a minimum 96% of individuals whose monies had been locked-up in the collapsed banks and saving and loans firms have recieved their deposits.

Mr Charles Adu Boahen disclosed that 20% of the budget had been paid in cash whilst 80% was paid via bond issues.

“The bonds had been based to pay out over 4 years,” Mr Adu Boahen stated during a debate at the Mid-year Budget Review in Parliament on Tuesday, July 28, 2020.

His disclosure go along with a promise the former President John Mahama to pay depositors locked-up monies within a year if elected to another time expect the helm of the country’s affairs in the December 2020 presidential polls.

Speaking at an event in the UPSA auditorium to outdoor his running mate, Prof Jane Naana Opoku-Agyemang, Mr Mahama said the next National Democratic Congress (NDC) government will not put up any long-term payment plans that will further worsen the living conditions of the victims of the collapsed institutions.

However, in step with Mr Boahen, the claims that funds are still locked-up are untrue, stressing that much less than 4% of those monies continue to be unpaid.

The Deputy Finance Minister stated the Nana Akufo-Addo authorities has set apart GH¢3.1 billion for such bills.

He stated the remaining bills can be carried out when the court grants the receiver the right to liquidate the assets of the defunct economic institutions.

As a part of Ghana economic sector clean, the central bank revoked the licences of 347 Microfinance Companies and 23 Savings and Loans and Finance House Companies in 2019, citing insolvency, mismanagement and fraud in a few cases.

The Bank of Ghana additionally revoked the licences of a few banks bettween 2017 and 2019.





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