The Vice President, Dr. Mahamadu Bawumia has announced that customers of the defunct Savings and Loans and Microfinance companies which were regulated will receive their locked up funds in full.
Dr. Bawumia made this announcement at the ongoing maiden edition of 2020 Town Hall Meeting and Results Fair organized by the Ministry of Information at the Great Hall of the Kwame Nkrumah University of Science and Technology (KNUST).
Speaking at the event, the vice president noted that the government empathises with the depositors of those defunct institution who are enduring anguish and hardships due to the inefficiencies of the previous administration which failed to sanitize the financial system.
In 2019 the Bank of Ghana, in a series of moves to clean up the weak and messy financial sector, revoked the licences of a number of banks, microfinance and savings and loans companies, leading to an unfortunate loss of jobs and in some cases, the locking up of depositors’ funds.
Read the Vice President’s full speech below: