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About GH¢3 billion disbursed to investors of liquidated fund management firms – SEC

Rev Daniel Ogbarmey Tetteh 610x383 Daniel Ogbarmey Tetteh, Director-General of the Securities and Exchange Commission

Fri, 18 Feb 2022 Source: www.ghanaweb.com

About 50 fund management firms lose license

SEC commences bailout process

Liquidation process of defunct fund management yield some results


The Securities and Exchange Commission (SEC) has disclosed government disbursement of almost GH¢3 billion to investors of some liquidated fund management firms.

This development comes after Bank of Ghana undertook a financial sector clean-up which saw the revocation of licenses of some 50 fund management firms.

Providing an update on investors’ funds, Director General of the Commission, Rev. Daniel Ogbarmey Tetteh said the amount disbursed represents a mix of recovered funds from the liquidation process and bailout support from government.

“In terms of redemptions, so people who have taken money out, like I said some would have left the money in, but those who have taken the money out, total redemptions as at 28th of January this year. Total redemptions from tier one is 1.54 billion. That is the amount that has been taken out from tier one.

“And so, there are people out there who have received their money. And for the partial bailouts again the total amount that has gone out is GH¢1.34 billion. So, if you take the partial bailout, 1.34 billion and then you take the tier one where you can make the bailout, GH¢1.54 billion if you add it that’s almost 3 billion actual payouts,” the SEC boss said this on JoyNews PM Express on February 17, 2022.

Meanwhile, following the clean-up exercise and revocation of licenses of fund management firms, the SEC Director-General said validated claims by investors of defunct firms amounted to GH¢8.5 billion.

Source: www.ghanaweb.com
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