The Finance Minister Dr. Mohammed Amin Adam has announced that government has approved GH¢700 million to be paid to customers of fund management companies who lost their monies after the financial sector clean up exercise.

This is part of a GH¢1.5 billion cedis fund approved by Cabinet to settle customers whose funds got locked up, including customers of Blackshield Fund Management Company.

Speaking at a press briefing, Dr. Amin Adam disclosed that the GH¢700 million has been processed for the Securities and Exchange Commission to pay the affected customers.

“I am glad to inform you that the Ministry of Finance has processed the release for the first tranche GH¢700 million of the additional GH¢ 1.5 billion for SEC to further bailout the remaining AMCs including Blackshield Fund Mgt Ltd. Yesterday, I instructed the Controller and Accountant-General to release the funds to mitigate the stress on affected persons”, he said.  

He stated that the payment process was captured in the 2024 Mid-Year Review of Fiscal Policy presented in July 2024 where cabinet granted the approval for the disbursement.

Dr. Amin Adam explained that the GH¢1.5 billion will be released in three tranches.

He pointed out that the amount will bring the number of investors fully settled under Blackshield to 82,096 representing 92% and 12, 069 representing 78% of the rest of the FMCs.

“This would bring the total number of investors fully settled under the bailout scheme to 94,165 (representing 90%) out of the total validated claims of 105,178. 28. This intervention is being done despite the tight fiscal space, evident of Government’s commitment to provide relief to investors of the defunct AMCs especially the pensioners”.