Locked up funds: GH¢5.06bn has been paid to depositors – Oppong Nkrumah

Legitimate claims made to depositors of Savings & Loans and Micro Credit institutions whose funds were locked up due to the financial sector clean-up is at GH¢5.06 billion, the Information Minister has said.

According to him, GH¢2.11 billion in cash has so far been paid to depositors with about GH¢2.95 billion in zero-rated coupon bonds known as debt instruments has also been paid.

Speaking at the Minister’s press briefing in Accra on May 7, Oppong Nkrumah said depositors are expected to receive payments after validation of claims by the end of May, 2020.

“They want to conclude the final second level validation of GH¢340 million and make payment accordingly. They expect that by the end of May they should be done with that one,” he indicated.

“They are some organisations whose books and records still have challenges and they are processing those for some investigations. And finally, they will issue a report to the Bank of Ghana on the depositor payment”, Oppong Nkrumah added.

Earlier, the Receiver for the collapsed Savings & Loans and Micro Credit institutions, Eric Nana Nipah said about 290,000 customers, representing 98 percent of individual depositors will be paid fully in cash, whilst the remaining 2 percent will receive their payments in cash and bonds.

Source: www.ghanaweb.com