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

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).