Gov’t to Resume Payments to Customers of Collapsed Funds Management Companies

The government of Ghana has served notice about plans to resume the payment of some verified customers whose funds were locked up following the collapse of some fund management companies in the country.

According to the Minister for Finance, Hon Mohammed Amin Adam, an additional ¢1.5 billion will be disbursed this year to these customers in three tranches- the first being GHC700 million.

Already, he said the first tranche has been processed for release to the Securities Exchange Commission (SEC) for onward disbursement to the customers.

“I am glad to inform you that the Ministry of Finance has processed the release for the first tranche of ¢700 million of the additional ¢1.5 billion for the Securities and Exchange Commission to further bailout the remaining customers whose funds were locked up including Black Shield Fund management customers. Yesterday, I instructed the Controller and Accountant General to release the funds to mitigate the stress of the affected persons,” he said at a press conference on August 29, 2024.

In all, the ¢1.5 billion will bring the number of Blackshield Limited customers fully settled to 82,096 and other fund management customers to 12,069 customers, he said.

Additionally, it will bring the total number of investors fully settled under the bailout scheme to 94,165 customers representing 90% out of the total validated claims of 105,178 customers.

According to the Minister, the intervention is a testament to the “government’s commitment to provide relief to investors of the defunct management companies, especially the pensioners.”