Friday, 19 July

Bank clean-up: Akufo-Addo orders ¢1.5bn relief for victims

President Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has directed the Finance Ministry to disburse GHS1.5 billion to assist customers affected by the banking sector clean-up. 

The announcement was made by Finance Minister Dr. Mohammed Amin Adam during a UK Town Hall meeting over the weekend.

Dr. Amin Adam emphasised that the President’s directive requires the disbursement to be completed by October. 

He highlighted the government’s commitment to the welfare of Ghanaians, noting that while individuals are generally responsible for their investment decisions, the government recognizes the hardships faced by those affected by the financial sector's upheaval.

“Ideally, government should not be held responsible for the investment decisions of individuals, but this government is so caring,” Dr. Amin Adam stated. 

“Mistakes were made, and people were not well-informed, and they didn’t know who to consult to be advised, but we also know that the people who are affected are suffering. We have heard that some people have died and others had to commit suicide,” the Finance minister said.

He continued that: “This government is so caring that in the first place, we granted some bailout to all the affected, and I want to tell you again that the President has directed that we do another bailout. So between now and October, we will release 1.5 billion Ghana Cedis to the affected people.”

In addition to the relief efforts, Dr. Amin Adam disclosed the successful conclusion of Ghana’s debt restructuring program with its official creditors. 

The government has restructured its debt of USD5.1 billion with these creditors and has also completed the restructuring of USD13.1 billion with Eurobond holders.

Source: Adiku