Director-General of the Securities and Exchange Commission (SEC), Rev Daniel Ogbarmey Tetteh says government has disbursed almost 3 billion cedis to investors of some liquidated fund management firms.

This follows the financial sector cleanup of 2017 which saw some 50 fund management firms have their licenses revoked.

Following the closures, validated claims made by persons who had invested in the now-defunct firms amounted to 8.5 billion cedis.

Speaking on JoyNews’ PM Express, Rev. Ogbarmey Tetteh noted that since payment began in 2020, almost 3 billion cedis have been paid out to investors.

The number represents a mix of some bailout funds provided by government and monies recovered from the liquidation process. 

The Director-General of the Securities and Exchange Commission noted that his outfit is committed to dealing with all validated claims.

“In terms of redemptions, so people who have taken money out, like I said some would have left the money in, but those who have taken the money out, total redemptions as at 28^th of January this year. Total redemptions from tier one is 1.54billion. That is the amount that has been taken out from tier one.

“And so there are people out there who have received their money. And for the partial bailouts again the total amount that has gone out is 1.34 billion. So if you take the partial bailout, 1.34 billion and then you take the tier one where you can make the bailout, 1.54billion if you add it that’s almost 3 billion actual payouts,” he said.