The Finance Minister, Dr. Mohammed Amin Adam, says he has instructed the Controller and Accountant General’s Department to release GHC 700 million to the Securities and Exchange Commission as the first tranche for the additional bailout of customers of failed institutions under the Commission’s remit.
This amount represents the first tranche of a GH₵1.5 billion allocation, as provisioned in the 2024 mid-year budget review, aimed at providing relief to customers of the collapsed institutions.
The bailout includes customers of Blackshield Ltd., formerly Gold Coast Fund Management Company Ltd.
“I am glad to inform you that the Ministry of Finance has processed the release of the first tranche of GHC 700 million of the additional GHC 1.5 billion for the securities and exchange commission to further bailout the remaining customers whose funds were locked up,” Dr. Adam stated at a monthly press briefing on Thursday, 29th August 2024.
“Yesterday I instructed the Controller and Accountant General to release the funds to mitigate the stress on affected persons.”
He noted further that “the GHC 1.5 billion will be released in three tranches,” with the remaining 800 million to be released in two subsequent tranches.
The bailout will cover approximately 90% of customers whose funds are locked up in the collapsed institutions, according to the minister.
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