President Nana Addo Dankwa Akufo-Addo has instructed the Ministry of Finance to earmark GH¢1.5 billion for customers impacted by the banking sector clean-up in Ghana.
The announcement was made by Finance Minister Dr. Mohammed Amin Adam during a UK Town Hall meeting over the weekend.
Dr. Adam underscored that the disbursement of funds is scheduled to commence promptly, with the aim of providing relief to affected individuals within the timeline spanning from the present moment until October.
Addressing concerns surrounding the repercussions of the clean-up exercise on depositors and investors, Dr. Adam highlighted the government’s recognition of the difficulties faced by affected parties.
He emphasized that while the state may not be liable for individual investment decisions, it assumes responsibility for the welfare of citizens who have endured financial losses as a result of inadequate information and advice.
Stressing the compassionate approach adopted by the government in addressing the aftermath of the clean-up, Dr. Adam remarked, “Ideally, government should not be held responsible for the investment decisions of individuals, but this government is so caring.” He acknowledged the hardships experienced by those affected, noting tragic outcomes such as loss of life and instances of suicide arising from the impact of the regulatory measures.
Reassuring the public of the government’s commitment to alleviating the financial distress faced by affected parties, Dr. Adam conveyed the President’s directive to initiate a further bailout to mitigate the adverse effects of the clean-up exercise.
The allocation of GH¢1.5 billion to support impacted customers signifies a tangible step towards offering respite and assistance to individuals grappling with the consequences of the banking sector reforms.
By Vincent Kubi