Heads of defunct fund management firms are being called to meetings in the coming days to discuss the distribution of an initial GH₵700 million from the government’s GH₵1.5 billion bailout package.

This funding is part of a GH₵9 billion allocation intended to support collapsed institutions and individuals affected by the banking sector cleanup.

Director General of the Securities and Exchange Commission (SEC), Rev Daniel Ogbamey Tetteh, reported that over GH₵4 billion has already been disbursed to claimants.

Speaking to JoyNews on PM Express, he clarified, “The GH₵4.46 billion released includes payments to all validated claimants—individuals, institutions, churches, hospitals, and schools. The funds have been distributed in the form of bonds, allowing people to access their money.”

Rev Tetteh explained that the GH₵700 million will be placed into a management fund for distribution.

Managers of this fund will soon meet with the heads of the collapsed firms to outline the terms, processes, and timelines for accessing these funds.

He added, “The GH₵1.5 billion will be released in three phases: GH₵700 million, GH₵400 million, and another GH₵400 million. It’s important to note that the funds do not go directly to the SEC.

“Instead, they are managed by a special purpose vehicle called the Ghana Amalgamated Fund. This fund handles all bailout payments, and investors must sign up for the government bailout before becoming clients of the AM Fund. The fund will then manage payments based on investor requests.”

Rev Tetteh also mentioned that the Fund managers will soon hold meetings to further explain the process to investors.

In related news, customers of the defunct gold dealership Menzgold continue to face difficulties.

The President of the Menzgold Customers Association Fred Forson, reported that over 200 members have died due to their inability to access their funds.

In an interview on The Pulse with Elton Brobbey, Mr Forson said, “Our money retrieval remains unresolved, and the situation is deteriorating.

“We have recorded at least 226 deaths in the past six years, including five suicides. Some individuals are now homeless due to mental health issues.

“The situation is dire, and we hope the President will take action to assist us.”

Read also : Locked up funds: SEC to release GH₵400m each in October, December to affected investors