Dr. Mohammed Amin Adam, the minister of finance, has said that GH¢700 million will be disbursed to pay locked up funds of clients who experienced financial losses during the financial sector cleanup operation. This is a portion of a GH¢1.5 billion cedi fund that the Cabinet approved in order to compensate clients whose funds were frozen, including clients of Blackshield Fund Management Company.
During a press briefing, Dr. Amin Adam said that the Securities and Exchange Commission has received the GH¢700 million needed to compensate the impacted clients. According to him, the payment procedure was covered in the July 2024 presentation of the 2024 Mid-Year Review of Fiscal Policy, which was approved by the cabinet.
Three installments of GH¢1.5 billion will be released, according to Dr. Amin Adam. He made the point that with this sum, 82,096 investors—or 92% of the total—will be fully compensated under Blackshield, while 12, 069 investors—or 78% of the remaining FMCs—will be represented.
Out of the 105,178 certified claims, he claimed this would bring the total number of investors fully reimbursed under the bailout arrangement to 94,165 (approximately 90%). 28. The government’s determination to help investors of the defunct AMCs, particularly the retirees, is demonstrated by the fact that this intervention is being made despite the limited financial resources.
SOURCE: https://dew360.net
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