The President said he has directed the Bank of Ghana (BoG) to ensure that all customers duly receive their locked-up cash.
Customers of collapsed banks to get 100% payment – Akufo-Addo
President Akufo-Addo has assured that customers of the collapsed banks will receive a full refund of their deposits.
He said customers of the collapse microfinance and savings and loans companies will also receive their full deposits.
“Thus far, the Ministry of Finance and the Bank of Ghana have worked together to guarantee payments of 100% of deposits of customers of the failed banks which is being done,” Nana Addo said in his Christmas message to Ghanaians.
“I have directed the Ministry of Finance to work with the Bank of Ghana to ensure that same applies to customers of microfinance and Savings and Loans Companies whose licenses have been revoked.”
The President further stressed that the financial sector clean-up led to some 6,500 jobs being saved.
Last year, the Central Bank revoked the licenses of the UT and Capital Banks over their insolvency.
This was followed by the liquidation of five other indigenous banks following their inability to meet the Central Bank’s minimum capital.
The BoG subsequently merged the BEIGE, Sovereign, uniBank, Royal and Construction Banks to form the Consolidated Bank of Ghana Limited.
A couple of months ago, some microfinance and savings and loans companies also had their licences revoked by the Central Bank.
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