• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Banking/Finance 202008

My Govt Has Paid 98% Of Depositors Of Collapsed Banks, Microfinance Companies - Akufo-Addo

05-Aug-2020
/ Banking/Finance, Business
Email
Print
Comments 1
(1)
Comments
Share on Facebook Share on Twitter
 

President Nana Addo Dankwa Akufo-Addo has disclosed that 98% of the depositors of the microfinance and savings and loans companies have received their monies.

According to him, the intervention by the Bank of Ghana was very timely; it protected the savings of depositors since some of the microfinance and savings and loans companies were on the verge of collapse.

"98%, all those whose savings were in the banks, all those savings have been refunded and paid to the people and in fact, the intervention of the central bank was to protect the savings because many of the banks that went into receivership were about to collapse, their situation was dire and even if we have allowed [them] to collapse all those deposits would have gone up in smoke," President Akufo-Addo told Koforidua-based Sunrise FM during his Eastern Regional tour on Tuesday.

The president continued: “As far as microfinance and savings and loans and institutions are concerned 98% of the deposits and the funds have also been paid, there is still a balance. The receivers and others are working on it and I believe Nana Nipah has made it known that by the end of August, all of them would have been paid.”

He emphasized: “Yes, there are still some in the system that have not received their money but every effort is being made to make sure that they receive it. In order for this to happen, this just another important thing, all together, when it is over banks, microfinance, savings and loans, investment funds, 21 billion cedis is what is coming from the government to protect Ghanaian depositors and investors; to make sure that people do not pay for the irresponsible money. We are determined to pay them.”

The Bank of Ghana (BoG), in 2019, embarked on a clean-up of the financial sector and revoked the licences of some banks, microfinance and savings and loans companies.

This exercise by the BoG resulted in the loss of jobs and in some cases locking up of depositors’ funds.

To assuage their pain, the government has assured a 100 per cent restoration of their locked-up funds once each depositor had been verified.

Source: ghanaweb.com

 

 
 

 

Comments ( 1 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

Wearers Of Face Shields Alone Can't Enter Banks - GAB

 
 

More Stories

Op-Ed: Staying Ahead Of The Curve - Absa Bank’s Brand Transformational Journey
Henry Chinedu Onwuzurigbo Appointed New Managing Director/CEO Of Zenith Bank Ghana Ltd.
BoG Warns Public About Activities Of Sidicoin
Eximbank’s Young Exporters Support Commendable – Oppong Nkrumah
Telcos Chamber Wants E-levy Law Reviewed To Exclude Salary Payments via MoMo
Ghana Set To Host ECOWAS Finance Award
Bank Of Ghana Warns Against Trading In Foreign Currency
Absa Group Appoints Arrie Rautenbach As Chief Executive Officer
Absa Bank Ghana Records Strong 2021 Performance

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Banking/Finance Stories

  • Op-Ed: Staying Ahead Of The Curve - Absa Bank’s Brand Transformational Journey

  • Henry Chinedu Onwuzurigbo Appointed New Managing Director/CEO Of Zenith Bank Ghana Ltd.

  • BoG Warns Public About Activities Of Sidicoin

  • Eximbank’s Young Exporters Support Commendable – Oppong Nkrumah

  • Telcos Chamber Wants E-levy Law Reviewed To Exclude Salary Payments via MoMo

  • Ghana Set To Host ECOWAS Finance Award

  • Bank Of Ghana Warns Against Trading In Foreign Currency

  • Absa Group Appoints Arrie Rautenbach As Chief Executive Officer

  • Absa Bank Ghana Records Strong 2021 Performance

  • When You Change 100 Dollars In Nigeria - VIDEO

 

 
 

Popular Videos

Kokrokoo Discussion Segment On Peace 104.3 FM (13/05/2022)

DISCUSSION SEGMENT ON ADEKYE NSROMA 12/ O5 /2022

Peace Power Sports Review (12/05/2022)

Peace Power Sports (12/05/2022)

Akan News @ Midday On Peace 104.3 FM (12/05/2022)

Entertainment Review On Peace 104.3 FM (12/05/2022)

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Live Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media