The Executive Director of the Ghana Microfinance Institutions Network (GHAMFIN), Yaw Gyamfi says the promise by former President John Dramani Mahama to pay customers of collapsed financial institutions may have contributed to government’s decision to pay them.
“It could be that the government is responding to our letters and the many calls, and it could also be because of what our former President said and the time at which he said it. But it could be a mixture of all these things,” he told Francis Abban on the Morning Starr Wedesday.
Government has released an amount of GH¢3.5 billion to pay depositors of banks and microfinance which were collapsed beginning today Wednesday September 16,2020.
“Notice is hereby given that with effect from Wednesday 16 September 2020, affected depositors may contact any branch of Consolidated Bank Ghana Ltd (“CBG”) the paying bank to access their newly created Cash accounts which were originally designated as Commercial Paper (Bond) accounts at the bank,” a statement from the Receiver said Tuesday.
It added: “The implication of the above is that depositors who have either received or are due Commercial Paper in partial satisfaction of their claims will now receive CASH payments at no discount for the Commercial Paper they have either received or is due to them. Please note that depositors who have already discounted all or part of their Commercial Paper will receive a full refund in cash of the discount they suffered”.
Until this week, the government had maintained it did not have funds to settle the debts resorting to the use of bonds to offset them within five years.