President Akufo-Addo has assured customers of failed financial institutions that they will receive 100 percent of their deposits.
Akufo-Addo made this assurance during the 2020 State of the Nations Address in Parliament.
He said these monies will be paid to the customers as soon as the receiver is done with the validation process.
Akufo-Addo explained that the 13 billion Ghana Cedis being put into the cleanup of the financial sector could be used to address other issues of the economy.
But he believes they have made the right decision to use the said money to strengthen the financial sector, with this he noted that the sector is well-capitalized.
“Government has to get 13 billion cedis to pay the 4.6 million affected customers of the banks, with the properly utilized 13 billion cedis we could have worked wonders with our infrastructure deficit but we did think about paying the customers of the failed banks and we believe we made the right decision”
President Akufo-Ado assured the customers of the failed financial institutions that the government will pay their deposits.
“I will like to repeat, all depositors of the Savings and Loans and Microfinance Institutions including DKM which collapsed in 2015 will receive 100% of their deposit once the validation exercise is concluded. I’m informed that the receiver for the financial institution will on Monday begin making payment to their customers totaling 5 billion cedis in addition to the 13 billion..”