Bank of Ghana recovers GH¢1 billion out of GH¢10.1 billion debt owed to nine collapsed banks, 95% depositors however fully refunded, here’s how

Bank of Ghana has disclosed that it has received only GH¢1 billion out of a total debt of GH¢10.1 billion that was owed by individuals and institutions of the nine collapsed banks in the country.

Governor of the Bank of Ghana, Dr Ernest Addison

The central bank noted that Receivers of these collapsed banks, PwC and KPMG, recovered the money through loan repayment by customers, placements, liquidation of bonds and other income sources.

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison made the revelation while addressing the media after the 91st Monetary Policy Committee (MPC) meeting.

According to him, there was still a lot of work to be done by the receivers.

“There is still more work to be done as the receivers have a loan portfolio of over GH₵10 billion and have only done GH₵1 billion, so they have GH₵9 billion more to go after.

“Apart from the loan portfolio, they also have other assets that they need to go after so that we will be able to meet all the depositors’ payments that are due,” he said.

95 percent of depositors fully refunded

Responding to questions of depositors who still had their money locked up, Dr Addison said 95 percent of depositors had been fully refunded.

“The trouble that we currently have has to do with the fact that we had to operate with caps for the special deposit-taking Institutions. We have a cap of GH₵20,000 per account so this is the cause of the noise that you are hearing about people not getting access to their funds.

“They are not getting access to their funds because of the cap on payments. More than 95 percent of total deposits are below this cap and have been fully covered.

“There is only about five percent of depositors who are holding very significant amount of money in there that have been caught under this cap. Unfortunately, those are the louder ones and that is why we keep hearing that people are not getting access to their funds but most people have had access to their full funds,” he explained.

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