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Dr. Mohammed Amin Adam, the minister of finance, has said that GH¢700 million will be disbursed to fund management businesses’ clients who experienced financial losses during the financial sector cleanup operation.
This is a portion of a GH¢1.5 billion cedi fund that the Cabinet approved in order to compensate clients whose funds were frozen, including clients of Blackshield Fund Management Company.
During a press briefing, Dr. Amin Adam said that the Securities and Exchange Commission has received the GH¢700 million needed to compensate the impacted clients.
“I am glad to inform you that the Ministry of Finance has processed the release for the first tranche GH¢700 million of the additional GH¢ 1.5 billion for SEC to further bailout the remaining AMCs including Blackshield Fund Mgt Ltd. Yesterday, I instructed the Controller and Accountant-General to release the funds to mitigate the stress on affected persons”, he said.
According to him, the payment procedure was covered in the July 2024 presentation of the 2024 Mid-Year Review of Fiscal Policy, which was approved by the cabinet.
Three installments of GH¢1.5 billion will be issued, according to Dr. Amin Adam.
He made the point that with this sum, 82,096 investors—or 92% of the total—will be fully paid under Blackshield, while 12, 069 investors—or 78% of the remaining FMCs—will be represented.
“This would bring the total number of investors fully settled under the bailout scheme to 94,165 (representing 90%) out of the total validated claims of 105,178. 28. This intervention is being done despite the tight fiscal space, evident of Government’s commitment to provide relief to investors of the defunct AMCs especially the pensioners”.
Source: Ghanatodayonline.com
