Receivers of collapsed banks to begin full payments of locked-up funds to depositors on February 24, President Akufo-Addo hints

Ghana’s President, Nana Addo Dankwa Akufo-Addo has disclosed that the Receivers of collapsed banks and microfinance institutions will make due payments to depositors who have had their funds locked up during the financial sector clean-up.

President Nana Addo Dankwa Akufo-Addo

The move, he said, will begin Monday, February 24 this year.

According to him, the government is having to conjure up GH¢13 billion to pay the customers of these financial institutions.

President Akufo-Addo said this on the floor of parliament when he made the State of the Nation Address in Accra on February 20.

"We inherited a collapsing financial sector. The government is having to conjure up GH¢13 billion to pay the customers of those institutions. This is money we can ill-afford," he said.

Adding that "We will hold all those responsible for the collapse of the financial institutions to account, a process that has already started.”

This year’s State of the Nation Address is Akufo-Addo’s fourth and last in his first term as President of the Republic.

His address is per Article 67 of the 1992 Constitution of the Republic of Ghana and the Standing Orders of the Parliament of Ghana.

The address is to update Ghanaians on the government’s progress and outline plans for the next financial year.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Here are the top 10 cities in Africa where the most rich people live

Here are the top 10 cities in Africa where the most rich people live

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

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

Haiwezi, my wife is prettier - Omanyala turns down Huddah’s advances

Haiwezi, my wife is prettier - Omanyala turns down Huddah’s advances

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match