“To ameliorate the economic impact of the resolution exercise on former employees of these affected companies, particularly in these times of COVID, the Bank of Ghana has agreed to pre-finance the full settlement of employee-related claims, which, otherwise, rank as unsecured claims in the receiverships of these companies,” a statement from the receiver said.

“The Receiver will, in the week commencing Monday, 13 July 2020, engage with the authorised representatives of the ex-staff to agree on modalities for the payment of outstanding salaries and exit packages to ex-staff of these resolved institutions,” the statement said.

Mr Nipah further noted that he will only fully settle outstanding salaries and exit packages of former employees which have been duly-validated, agreed and in the resolution process.

In May 2019, the Bank of Ghana announced the revocation of the licences of 347 microfinance companies in the country for insolvency.