Depositors of insolvent S&L companies will receive all their funds- Receiver

Depositors of insolvent S&L companies will receive all their funds- Receiver
Source: Ghana | JoyBusiness | JAD
Date: 19-08-2019 Time: 02:08:11:pm

Depositors of the 23 insolvent financial institutions have been assured of full payment of their funds based on some conditions, the Receiver Eric Nana Nipa has said. 

The assurance is coming after some customers of the defunct microfinance companies argued that they were still struggling to secure all their funds. 

Speaking to JoyBusiness Mr Nipa maintained that payment should be done in “rounds “or tranches. “Just like what happened in the case of the microfinance companies a cap of GHc10, 000 was set to try and manage the funds made available to us, however, once additional funds are realized the necessary payments would be made to these customers.” 

He noted that every depositor would have his/her funds settled.

JoyBusiness understands that government has provided some funds to support the process, while the rest would be realized from the sale of some assets of these financial institutions as well deposits in the vaults of these institutions that have lost their licenses. 

Finance Minister Ken Ofori-Atta earlier indicated that about GHc3 billion have been set aside to support the process.