Minister for Finance, Mr. Ken Ofori Atta said government has paid over GHc787 million to depositors of the failed MFIs, MCCs and S/Ls as at 5th march, 2020.
He said about GHc5 billion in a combination of cash and a 5-year amortized zero-coupon bond to Receivers Paying-Agent, Consolidated Bank Ghana (CBG), has been released to enable it settle the remaining outstanding debt.
Mr. Ofori Atta disclosed this on the floor of Parliament when he came to update the House on the financial sector clean-up.
The amount required, he said, was provided by the Receiver of the failed Specialized Depositors Institutions (SDIs) and Micro Finance Institutions (MFIs) as the total amount needed to settle all outstanding claims.
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“The Ministry of Finance released the cedi equivalent of $184,822,412.43 in cash, and issued a 5-Year zero-coupon bond with a value of GH¢4 billion in favor of the Receiver’s Paying Agent,” he stated.
According to him, the government has provided enough liquidity with the GH¢5 billion to enable the Receiver’s agent to pay fully all depositors of the defunct banks and savings and loans institutions in line with the President’s directive.
“All those affected will receive cash and a fixed deposit which shall be credited to their account with CBG. The fixed deposit with CBG will be paid in 10 equal installments over 5 years beginning from March 2021,” he said.
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“This will be in addition to the cash component of up to GH¢70,000 per retail depositor, which has already been made available to all depositors.”
“In fact, up to 98% of all depositors will be paid in full with the cash since most of the deposits are less than GH¢70,000.”
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By: Sammy Lou/Frontpageghana.com/Ghana
