Customers of some 347 defunct microfinance companies, 39 collapsed micro-credit institutions and 23 defunct savings and loans companies will start receiving their locked-up funds from today, Monday, 24 February 2020.

This will include customers of the defunct DKM whose issue became a topical political matter in the run-up to the 2016 elections.

Class Business can also confirm that Consolidated Bank Ghana is the designated bank that will pay the customers their locked-up cash.

CBG said in a release that it will open new accounts for the affected customers whose claims have been validated and accepted for payment.

It, however, stated that the GHS5 billion the government has earmarked to settle all outstanding payments in full is a combination of cash and bonds.

Customers whose obligations exceed GHS20,000 will, however, have to wait since an investment account has been created on their behalf where they will be paid using the bond when it matures later.

Presenting the 2020 State of the Nation Address (SONA), President Akufo-Addo said some GHS5 billion have been made available to the Receiver to enable the payment today.

Deputy Minister of Finance, Kweku Kwarteng, told Class Business the funds have been provided for the payment but additional funds will be raised when necessary.

“The government’s position is that the government pays 100% of the value of what the depositors put in those failed financial institutions. As the Ministry of Finance, we are preparing to do this, we will comply with the date he said, but, essentially, we will do so after the validation has been completed. There is space for this but we will look at what gap will arise in terms of available resources for this particular expenditure.”

The Executive Secretary of the Association of Savings and Loans, Twenebuah Koduah Boakye, for his part, said: “What we are interested in is the fact that anybody who has gone through the validation receives his/her money. As to the quantum and all that, we can’t verify, we can’t confirm or disprove; we are happy that some monies have been made available.”