Gov’t releases GH₵3.5bn to pay depositors of collapsed financial institutions in full

Finance Minister Ken Ofori-Atta

Government says it has released GH₵3.5bn as a refund to depositors of collapsed financial institutions.

A statement from the Finance Ministry confirmed the government has scrapped a much criticised plan to issue a 5-year bond to the depositors at no interest.

The release of the funds was expected after Vice-President Dr. Mahamudu Bawumia signaled a u-turn following complaints from the customers who said paying back in bonds was unfair.

The customers are part of the client base of some 15 savings and loans companies, eight finance houses, 347 microfinance institutions, 39 microcredit institutions, one leasing company, and one remittance company that lost their licences between 2018 and 2019.

The Receiver of the collapsed microfinance companies, savings and loans, and finance houses, Mr Eric Nana Nipah, proceeding with payment options of the affected customers.

Welcoming the decision, Mr. Tweneboah Kodua of the Ghana Association of Savings and Loans companies said “this is very good news.”

He said the affected clients are among the hardest hit by the coronavirus pandemic. The government’s u-turn, he indicated, “has come at the right time”.

“Better late than never,” he said.

The change in plans comes after pressure from customers of these failed institutions. Some threatened to make the matter an electoral issue.

The opposition NDC promised to pay affected customers in full within the first year of a future Mahama government.


  1. Anonymous says

    What about God is love,justa motors little dorps and the rest

  2. Anonymous says


  3. Boahen Rockson says

    In fact our Government should do well to pay Care for humanity members as well as God is love members

  4. Yao says

    It seems this government takes customers of finance institutions it eliminated for fools.
    It always deceives that it has released money to pay customers of defunct finance institutions. To whom the released moneys are paid to when we, the customers do not receive any money. We shall vote against the current government to be paid by the next able government.

  5. Anonymous says

    You elements of this government are liars you release are money among yourselves in the name of defunct finance institutions. You shall be voted out if you do not pay is our money, even if you do selective payment

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