The Ministry of Finance has revealed that some GH¢700 million has been disbursed to customers of fund management companies whose funds have been frozen due to the banking sector clean-up exercise.
According to the sector minister, this disbursement is the first of three installments from a GH¢1.5 billion allocation outlined in the 2024 mid-year budget review.
The purpose of this disbursement is to offer relief to individuals impacted by the collapse of these fund management companies.
Dr. Amin Adam providing a monthly economic update on August 29, 2023 stated that the government had approved the disbursement of an additional GH¢1.5 billion to assist those affected.
“We had indicated in the 2024 mid-year review of fiscal policy that the government has approved the disbursement of an additional GH¢1.5 billion to provide relief and bailout to people whose funds have been locked up in fund management companies,” Dr. Amin Adam said.
"I am pleased to report that the Ministry of Finance has processed the release of the first tranche of GH¢700 million from the additional GH¢1.5 billion for the Security and Exchange Commission. This will provide further relief to customers, including those of Black Shield Funds Management," the finance minister explained.
He went on to say, “Yesterday, I instructed the Controller and Accountant General to release the funds to mitigate the stress on affected persons. The GH¢1.5 billion will be released in three tranches.”
The finance minister pointed that the remaining funds will be released in two subsequent tranches.
Dr. Amin Adam in his concluding remarks emphasised that the goal of releasing these funds is to ease the strain on affected individuals and offer much-needed assistance.
SSD/MA
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