Ghana's President, Akufo-Addo orders full payment of funds belonging to depositors of collapsed financial institutions

Ghana’s President, Nana Akufo-Addo has asked the necessary stakeholders responsible for the payment of the funds belonging to depositors of failed financial institutions to refund their money.

Ghana's President, Akufo-Addo orders full payment of funds belonging to depositors of collapsed financial institutions

While delivering his Christmas and New Year message, President Akuffo-Addo said the Ministry of Finance is to work hand-in-hand with the Bank of Ghana (BoG) to ensure a 100% payment of depositors of failed banks, microfinance, and savings and loan companies whose licenses have been revoked.

He added that, the decision to sanitise the banking system was a painful one and that it was very necessary for such a measure to be put in place to safeguard the funds of 4.6 million depositors.

"We've had to take painful but necessary measures, to sanitise and save the banking system, a process which I know has brought discomfort to many a household."

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Fired TV anchor now a Matatu tout in Nairobi [Video]

Fired TV anchor now a Matatu tout in Nairobi [Video]

King Kaka shares 11 sources of income earning him millions

King Kaka shares 11 sources of income earning him millions

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Zuchu forced to apologize to fans after viral video raised eyebrows

Zuchu forced to apologize to fans after viral video raised eyebrows

Willy Paul wins against Diana Marua in court

Willy Paul wins against Diana Marua in court

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Guardian Angel weds Esther Musila in private wedding [Photos]

Guardian Angel weds Esther Musila in private wedding [Photos]

I'm not in the US - Eddie Ndichu's photos explained

I'm not in the US - Eddie Ndichu's photos explained