
Audio By Carbonatix
A report from Parliament indicates that the cost of the financial sector clean-up could rise to GH₵34 billion.
This comes after Parliament recommended that the government settles 61,000 customers of defunct Gold Coast Fund Management following their petition to the House.
The Chairman of the Special Committee set up to investigate the demands of these customers, Joe Ghartey, addressing the House noted that government must honour its promise to repay the investors.
“We urge government to do its part in terms of prosecuting the matter and following it in court so that the question of whether they should be liquidated or not will come to an end so that further payments can be made,” he said.
Following this recommendation, the government is expected to spend an amount of GH₵9 billion to settle these customers.
This adds up to the GH₵25 billion already spent on the clean-up exercise, according to former Finance Minister Ken Ofori-Atta.
The Committee further recommended that insurance be included in all these financial decisions to ensure the cost of the collapse of these institutions does not become a burden on the government.
“We recognise the fact that this House passed the Ghana Deposit Protection Act 2016, and it was passed to protect depositors. We cannot continue at this rate where people set up financial institutions and then they collapse and the last resort is government.
“The government cannot continue being a guarantor between institutions and the people of Ghana. Therefore, one way to go around this is for us to insist that when you are making such investments you take insurance,” he noted.
Latest Stories
-
EOCO warns of emerging ‘Model Q’ criminal network driving trafficking and financial fraud across West Africa
3 minutes -
Students Loan Trust Fund urges applicants to complete loan process before July 15
12 minutes -
Can pan-Africanism survive Africa’s democratic challenges?
18 minutes -
Judiciary must embrace technology, reforms — Prof Bondzi-Simpson
32 minutes -
Cyber Security Authority warns of online investment scams as victims lose GH¢3.4m in six months
46 minutes -
Pharmaceutical Society backs 24-Hour Economy, seeks security and tax relief for pharmacies
56 minutes -
God or Prophet? – Queen Liz explores the identity of Jesus Christ
1 hour -
Ukraine warns of interceptor missile shortage as 18 killed in Kyiv region
1 hour -
Barker-Vormawor asks court to compel Attorney-General to disclose whereabouts of “Abu Trica”
1 hour -
Political communication in Ghana: Are we informing citizens or winning arguments?
1 hour -
Accra court remands man over alleged GH¢114,000 fraud in travel visa scheme
1 hour -
Police investigate death of young woman found hanging in Anyinamso bush
1 hour -
Africa’s future would have to be shaped by African solutions – World Food Prize Foundation President
1 hour -
Showbiz and sports personalities urged to protect their intellectual property
1 hour -
Bosomtwe DCE moves to declare district security zone over illegal mining destruction
2 hours