Finance Minister, Dr. Mohammed Amin Adam has announced that the government has approved GH¢700 million to be paid to customers of fund management companies who lost their investments during the financial sector clean-up exercise.
This allocation is part of a larger GH¢1.5 billion fund approved by the Cabinet to compensate customers whose funds were locked up, including those affected by the collapse of Blackshield Fund Management Company.
During a press briefing, Dr Amin Adam revealed that the GH¢700 million has been processed and is ready for disbursement by the Securities and Exchange Commission (SEC) to the affected customers.
“I am pleased to inform you that the Ministry of Finance has processed the release of the first tranche of GH¢700 million out of the additional GH¢1.5 billion for SEC to further support the remaining Asset Management Companies (AMCs), including Blackshield Fund Management Ltd. Yesterday, I instructed the Controller and Accountant-General to release the funds to alleviate the stress on the affected individuals,” he stated.
He further explained that, the payment schedule was outlined in the 2024 Mid-Year Review of Fiscal Policy presented in July 2024, where the Cabinet granted approval for the disbursement.
Dr. Amin Adam noted that, the GH¢1.5 billion will be disbursed in three tranches.
He highlighted that this payment will bring the number of fully settled investors under Blackshield to 82,096, representing 92%, and 12,069, representing 78% of the remaining fund management companies.
“This intervention will 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. This effort, despite the tight fiscal space, demonstrates the Government’s commitment to providing relief to investors of the defunct AMCs, particularly pensioners,” he added.
Source: Adomonline
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