Locked up investments: 13,675 savings and loans customers receive payment

The Consolidated Bank Ghana (CGB) as of last Friday has paid a total of 13,675 customers whose investments were locked up in the defunct financial institutions.

The data on the payments made available to the Ghanaian Times by the CBG last Friday said 12,382 individual customers had been paid.

It further said 490 companies which invested in the defunct companies have been paid.

It said 581 social organisations which claims had been validated by the Receiver had also been paid their investment.

“As of last Friday a total of 174 financial institutions as well as 48 financial securities entities have been paid,” the data said.

It said the payment to the affected corporate bodies were in cash and bonds.

Per Section 123 of Act 930, the Bank of Ghana appointed Mr Eric Nana Nipah, a Partner at PricewaterhouseCoopers (PwC), an advisory firm, to oversee the closure of the defunct companies.

They include 347 micro finance institutions, 23 savings and loans and finance houses whose licenses were revoked on May 31 and August 16, 2019 respectively.

The government has pledged that it would ensure that every customer of the defunct institutions was paid his or her investments.

Consequently, the government made available addition financial resources to the Receiver to enable the CBG pay all customers of the defunct institutions.

The collapse of the financial institutions had serious financial repercussions on the banking and financial industry as some of the banks and financial institutions and corporate bodies had invested in the defunct institutions.

Government has made available GH¢5 billion to the receiver of the collapse institutions in the form of bonds and cash to help customers access their investments.

By Kingsley Asare

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