Here is how much the Ghanaian government has spent so far on the clean-up of the financial sector

The Ghanaian government has so far spent about GHC17.7 billion ($3,332,494,758) on the clean-up of the financial services sector.

Minister of Finance; Ken Ofori-Attta

A statement issued by the Finance Ministry indicated that GHC11.65 billion ($2,193,421,691) was used to settle depositors in the banking sector and GH¢6.1 billion ($1,148,486,894) on the Savings and Loans Companies and Microfinance Institutions.

The statement said, “we expect that the recent accelerated pace of the prosecutions and an intensification of the civil recovery process under the Receivership will result in substantial recovery of these monies for the Treasury.”

On Monday (February 24, 2020) the government released GHC5billion to the receiver of the defunct Microfinance companies and Savings and Loans and the official liquidator of the Microcredit companies through Consolidated Bank Ghana (CBG).

The said amount was released in a combination of cash and bonds to fully settle all validated claims due to depositors of failed Specialised Deposit-Taking Institutions (SDIs).

The ministry said this will ensure that all depositors are paid in full.

The ministry had earlier provided funds for the Receiver to settle validated depositor claims of the defunct Savings and Loans as well as Finance Houses of up to GHC20,000 per depositor. It was explained at the time that the remaining validated claims would be settled as and when cash was received from the sale of the assets of the defunct institutions.

But the slow process of recovery in the receivership process has caused the Ministry to make available these additional resources to pay all remaining validated depositors.

The statement finally indicated that all affected depositors will be provided with information by the Receiver and Consolidate Bank Ghana (CBG).

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

Why do guys still masturbate when they have girlfriends?

Why do guys still masturbate when they have girlfriends?

5 things you should never do to please a woman

5 things you should never do to please a woman

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Shika Simu yangu bro, we need you - Eric Omondi begs Eddie Butita

Shika Simu yangu bro, we need you - Eric Omondi begs Eddie Butita

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A