President Akufo-Addo says government has paid all depositors whose monies were locked up in some defunct banks during the banking sector reform.

He said there is not a single depositor who has not received his or her money as of August 2020.

According to Akufo-Addo, the government is spending GH¢21 billion to protect investors and depositors to make sure people do not pay for the irresponsible manner in which the banking sector was managed.

‘Let me repeat this, all those whose savings were in the bank, all those savings have been refunded and paid to the people. The intervention of the Central Bank was to protect their savings because many of the banks that finally went into receivership were about to collapse.

"Their situation was dire and if they had been allowed to collapse, all those deposits would have gone in flames," Akufo-Addo stated.

His comment follows claims that government had failed to deliver on its promise to investors of the various defunct banks, microfinance, and savings and loan companies that were closed down.

However, in a radio conversation on Sunrise FM in Koforidua, Akufo-Addo refuted the claims and insisted that all depositors have been fully paid.

He said 98% of depositors at the microfinance and savings and loans have also been paid, adding that, the rest would be paid by the end of August 2020.