Ghana's President, Akufo-Addo orders full payment of funds belonging to depositors of collapsed financial institutions

December 25, 2019 7:57 PM

Ghana’s President, Nana Akufo-Addo has asked the necessary stakeholders responsible for the payment of the funds belonging to depositors of failed financial institutions to refund their money.

Ghana's President, Akufo-Addo orders full payment of funds belonging to depositors of collapsed financial institutions

While delivering his Christmas and New Year message, President Akuffo-Addo said the Ministry of Finance is to work hand-in-hand with the Bank of Ghana (BoG) to ensure a 100% payment of depositors of failed banks, microfinance, and savings and loan companies whose licenses have been revoked.

He added that, the decision to sanitise the banking system was a painful one and that it was very necessary for such a measure to be put in place to safeguard the funds of 4.6 million depositors.

"We've had to take painful but necessary measures, to sanitise and save the banking system, a process which I know has brought discomfort to many a household."