Customers of collapsed banks, microfinance firms will get full payment of deposits – Akufo-Addo

President Nana Akufo-Addo has given the assurance that all customers of banks that collapsed as a result of the banking sector cleanup will receive full payment of their locked up cash.

He also stated that the same will be done for customers of the collapsed microfinance and savings and loans companies.

He made these remarks during his Christmas message to Ghanaians on Tuesday.

“Thus far, the Ministry of Finance and the Bank of Ghana have worked together to guarantee payments of 100 per cent of deposits of customers of the failed banks which is being done.

“I have directed the Ministry of Finance to work with the Bank of Ghana to ensure that same applies to customers of microfinance and Savings and Loans Companies whose licenses have been revoked,” he said.

Admitting that the financial sector clean up was painful, he said it was a crucial exercise which needed to be undertaken.

“We have 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.

“It is worthy to note, however, that the jobs of some 6500 workers were saved as a result instead of the 10,000 that could have been lost.  In addition to the protection of funds of 4.6 million depositors,” he said.

The President further noted that the government will soon make public, investigations into the circumstances that led to the collapse of some indigenous banks in the country.

He reiterated that persons found culpable for the collapse of the financial institutions will be duly dealt with.

“Investigations into potential criminal conduct are proceeding. As it appears, there has been a massive diversion of assets of these financial institutions. I assure you that the outcome of these inquiries will be made known very soon as well as actions taken to bring those responsible to book,” the President promised.