Govt to release another bail out of GH¢1.5 billion to customers of defunct banks

The government has agreed to release another bail out of GH¢1.5 billion to customers of the defunct banks.

The release of the funds is to be done between June and October 2024, the Minister of Finance, Mohammed Amin Adam has said.

“The president [Akufo-Addo] has directed that we do another bail out. So between now and October [2024], we will release GH¢1.5 billion to the affected people. This will not pay the entire amount because the entire amount is GH¢4 billion,” the Minister of Finance said.

He was speaking at a town hall meeting in the United Kingdom.

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The Bank of Ghana (BoG) in a clean up exercise in the banking sector withdrew the licenses of five banks and other financial institutions in 2018 for violating banking regulations.

This has resulted in the locking up of some customers investments.

Commenting on the decision of government to undertake another bailout, Dr Mohammed Amin Adam said “government will not be held responsible for the investment decisions of individuals.”

“But this government is so caring, mistakes were made, people were not informed, maybe they didn’t know who to consult to be informed or advised. But we also know that people who are affected are suffering. We heard that some people have died, some people had to commit suicide. This government is so caring that in the first place we granted some bail out to all the affected. And I want to tell you again that the president has directed that we do another bail out.”

“So between now and October [2024], we will release GH¢1.5 billion to the affected people. This will not pay the entire amount because the entire amount is GH¢4 billion,” the Minister of Finance said.”