Govt committed to settle customers of collapsed banks

General News of Friday, 28 February 2020

Source: kingdomfmonline.com

2020-02-28

Thomas Kusi Boafo

The CEO of the Public Sector Reforms Secretariat, Mr Thomas Kusi Boafo, has said the governing New Patriotic Party (NPP) has assured customers of the collapsed banks and microfinance institutions that their investments will be paid in full.

According to Kusi Boafo, the Finance Ministry and the Central Bank are working together to disburse the funds.

” I’m pleading with the customers of the collapsed banks and microfinance institutions to have patience with the government because I know the central bank is working very hard to settle all the customers whose funds are locked,” Mr Thomas Kusi Boafo told Lawyer Ohene Gyan on Pae Mu Ka on Accra-based Kingdom FM 107.7.

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

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

Background

The cleanup led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, 8 finance house companies, and 2 non-bank financial institutions.

The Securities and Exchange Commission (SEC) also revoked the licenses of 53 Fund Management Companies.