Afia Nyarko Asare
A Press statement issued by the Consolidated Bank, Ghana, said the bank has chosen to payout customers’ funds, and will open new accounts for affected customers whose claims have been validated and accepted for payment.
The statement cited payment of full locked-up funds of Customers of the collapsed microfinance, savings and loans and finance houses will begin today, Monday February 24, officials say.
A total amount of GHS5 billion has been assigned for this exercise by the government. This CBG clarifies that it is a combination of cash and bonds.
The President of the Republic, Nana Addo Dankwa Akufo-Addo revealed this when he was presenting this year’s State of the Nation Address on the floor of parliament in Accra on February 20.
“All depositors of savings and loans and microfinance institutions including DKM, which collapsed in 2015, will receive 100 percent of their deposits once the validation exercise is concluded” he revealed.
“I’m informed that the Receiver of the savings and loans and microfinance institutions will begin, on Monday, February 24 2020, making payments to their customers of these monies totaling GHS5 billion being an addition to the GHS13 billion being paid to customers of the failed banks.”
President Akuffo Addo emphasized that, his government took the right decision with regard to the reforms undertaken in the financial services sector.
“We inherited a collapsing financial sector. The government has to raise up to GH¢13 billion to pay customers of those institutions. This is money we can ill-afford”
“We will hold all those responsible for the collapse of the financial institutions to account, a process that has already started,” he elucidated.
“I’ll like to repeat that all depositors of the Savings and Loans and Microfinance Institutions including DKM which collapsed in 2015 will receive a hundred percent of their deposits too once validation exercise is concluded.” he told the one-sided House that observed his State of the Nation Address last week.

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