“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.
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Former staff of defunct microfinance companies to receive outstanding salaries and exit packages
The Receiver of 347 defunct microfinance companies, Mr Eric Nana Nipah, will from today, Monday, 13 July 2020, meet with representatives of ex-staff of the affected companies to agree on modalities for the payment of outstanding salaries and their exit packages.
Receiver, Eric Nana Nipah
“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.
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