The Consolidated Bank Ghana has (CBG) in its possession a total of 1.4 billion cedis which belongs to other financial institutions.
However, management of CBG has said that it does not have the cash flow to pay bulk depositors.
Deputy MD of Consolidated Bank, Thiaru Ndugu revealed this at a Townhall meeting with workers of the bank.
He said that customers who deposited their money with the defunct Beige Bank, UniBank, Construction Bank, Sovereign Bank, and Royal Bank would have to wait a while longer until it receives cash from the bond government issued to clear the mess after the revocation of the licenses of the banks.
“We are trying as much as possible to consult the customers and make them understand exactly what is happening. We were given a bond and that is the only cash flow we can pay the depositors with.”
Some of the customers are financial institutions including Microfinance and Savings and Loans Companies.
Other affected organisations are government agencies and Pension and Asset Management Companies.
Mr. Ndugu further revealed that some of the owners of the affected companies have been threatening them.
“We held a meeting and we told them we can only match them to what the government gives us. The Governors were there. It was at the Bank of Ghana. It was a bit of nice and a bit of nasty experience with them. They threatened us, we explained the situation, the Governors also explained it to them that it is the truth. So they told us to go and come back with a proposal so we are meeting them next week.”
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According to Mr Ndugu, management had “met the government agencies and most have been profiled. The payment we agreed with them is five years from now at 7. 5 percent per annum.”
The government earlier announced a GHc 5.7 billion bond towards the purchase and assumption of all deposits and other good assets of the collapsed bank.
However, the CBG is yet to cash the bond.
Mr Ndugu entreated the staff of the bank to explain this to the customers in order to avoid confrontations.