We’ve Paid 98% Of Depositors In Failed Banks – Akufo Addo

PRESIDENT Akufo-Addo has disclosed that 98% of depositors of the microfinance and savings and loans companies have received their money.

According to him “98%, All those whose savings were in the banks, all those savings have been refunded and paid to the people and in fact, the intervention of the central bank was to protect the savings because many of the banks that went into receivership were about to collapse, their situation was dire and even if we have allowed it to collapse all those deposits would have gone up in smoke,” he said.

He made this assertion in an interview with Koforidua based Sunrise FM during his Eastern Regional tour.

He continued that, “As far as microfinance and savings and loans and institutions are concern 98% of the deposits and the funds have also been paid, there is still a balance. The receivers, and others are working on it and I believe Nana Nipah has made it known that by the end of August, all of them would have been paid”

“Yes, there are still some in the system that has not received their money but every effort is being made to make sure that they receive it. In other for this to happen this just another important thing, all together, when it is over banks, microfinance, savings and loans, investment funds, GHC 21billion is what is coming from the government to protect Ghanaian depositors and investors to make sure that people do not pay for the irresponsible money. We are determined to pay them,” he emphasized.

In 2019, the Bank of Ghana (BoG) embarked on a clean-up of the financial sector and revoked licences of some banks, microfinance and savings and loans companies.

The exercise resulted in the loss of jobs and in some cases locking up of depositors’ funds.
To assuage their pain, the government has assured to restore 100 per cent of their locked up funds once they had been verified.

FROM Daniel Bampoe, Koforidua