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Business News Sat, 1 May 2021

SEC granted GH¢5.5 billion approval by Parliament to complete asset bailout

The Securities and Exchange Commission (SEC) has disclosed that Parliament has granted approval of an amount of GH¢5.5 billion that will assist the Commission to complete its asset management bailout programme.

According to the Commission, the approval will enable it fulfil bailout packages under the Asset Management Cleanup Exercise.

In a statement issued, the SEC called on depositors who have had their claims validated to follow due process and information provided by the Commission and the Official Liquidator in order to access their funds.

“This provision further demonstrates government profound commitment to strengthen the Ghanaian securities market to realize its full potential as an essential driver for economic growth and development and making it an attractive investment hub for domestic and international observers,” portions of the statement read.

In November last year, the Securities Exchange Commission (SEC) declared that government had granted authorization for a partial payment structure to remaining customers amounting to GH¢50,000.

SEC explained that the modalities for payment would be done while the court processes for liquidation continue.

Government on its part indicated the payment would be facilitated through the Amalgamated Mutual Fund PLC. under a partial bailout scheme.
Source: www.ghanaweb.com