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27.11.2020 Headlines

We’re Giving Bailout To Customers Of Remaining Defunct FMCs On ‘Compassionate Grounds’ – Bawumia

We’re Giving Bailout To Customers Of Remaining Defunct FMCs On ‘Compassionate Grounds’ – Bawumia
LISTEN NOV 27, 2020

Vice President, Dr. Mahamudu Bawumia says the NPP government decided to offer bailout package for customers of fund management companies currently in court on compassionate ground.

Government is offering up to GHS50,000 to customers of Blackshield and other fund management companies litigating the revocation of their licenses.

The government promised to top up the amount after the end of the court case.

Speaking at the government's Nation Building Updates on Thursday, November 26, 2020, Dr. Bawumia said: “We have cleaned up the mess in the financial sector that we inherited. We took decisive decisions to avoid the collapse of the financial sector. In addition to this, the government on compassionate grounds has decided to pay up to GHS50,000 to all customers of defunct companies”.

Dr. Bawumia said government has so far spend GHS21 billion to clean up the banking sector.

Earlier indications suggested that customers of Blackshield Capital Management Limited and three other fund management firms would not benefit from the government’s bailout package because such companies were challenging the revocation of their licences in court.

This led to agitation among clients of the affected companies.

Some of them picketed at the premises of the Ministry of Finance on September 1, 2020.

The Securities Exchange Commission subsequently announced that each of the customers of the remaining fund management firms will receive up to GHS50,000.

Thursday's event was held on the theme: “The future of Ghana's economy”.

Dr. Bawumia used the opportunity to tout the government's achievement in every sector of the economy.

He said, in less than four years, the Akufo-Addo government has created over two million jobs in the formal sector.

The Vice President noted that the New Patriotic Party government apart from stabilizing the economy is transforming same.

---Citinewsroom

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