Rev Daniel Ogbarmey Tetteh is Director-General of Securities and Exchange Commission

The Ghana Securities Industries Association is questioning claims by government overpayment of 96 per cent of depositor’s claims.

The association is also raising concerns about government down down on earlier promise over how to settle depositors.

In a statement issued by the Association, it noted that there was an arrangement between its members and government that 20 per cent of the ¢1.58 billion due investors will be paid in cash while the rest bonds.

However, current developments do not support this agreement, as only ¢90 million has been paid represent less than 6 per cent of the total amount.

The Association is also worried that communication from various government sources that about 96% of investors have been paid, has rather caused more worry in the sector.

This is because customers of their members are demanding their funds, which they are yet to recive from government.

On the way forward, the Association argues that government, through the Finance Ministry, should urgently increase the proposed cash pay-out to fund management firms to levels that properly reflect its communication to the public, ensuring that about 96% of its clients are paid.