Ghana Pays GH¢5.66 bln (US$985 mln) To Collapsed S&L, MSME Firms

GHS2.11 billion in cash has, so far, been paid to depositors of the various savings & loans companies as well as those in the microcredit and savings and loans bracket whose funds were locked up due to the financial sector crisis

Also, about GHS2.95 billion in zero-rated coupon bonds (that is debt instrument) has been paid to the customers.
The total payment made so far is, therefore, GHS5.66 billion.
In all, the number of customers expected to receive payments after validation of claims is estimated at 297,000.

About 290,000 customers, representing 98% of individual customers, will be paid fully in cash while the remaining 2% will receive their payments in cash and bonds.
This was revealed by the official liquidator Eric Nana Nipah.

Giving an update on the payment, Information Minister, Kojo Oppong Nkrumah, said hopefully, by the end of May 2020, the Receiver would have settled all claims.
“They want to conclude the final second-level validation of GHS340 million and make payments, accordingly. They expect that by the end of May, they should be done with that one.

“There are some organisations whose books and records still have challenges and they are processing those for some investigations. And, finally, they will issue a report to the Bank of Ghana on the depositor payment.”
The total claims made at the end of the extended deadline was GHS6.4 billion. GHS5.66bn paid to collapsed S&L, MSME firms

credit: classfmonline

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