The Minister of Finance, Dr Amin Adam, has announced the release of GH¢700 million for customers whose funds have been locked up in various fund management companies.
Speaking at a press conference on Thursday, August 29, Dr Adam confirmed that the disbursement is part of the GH¢1.5 billion bailout package approved by the Cabinet.
This package was outlined in the 2024 Mid-Year Review of Fiscal Policy presented in July.
Dr. Adam further mentioned that he had instructed the Controller and Accountant General to release the funds to the Securities and Exchange Commission (SEC) for onward disbursement.
“We have indicated in the 2024 mid-year review of fiscal policy presented in July 2024, that cabinet had approved the disbursement of an additional Ghc1.5billion to provide relief and bailout for those whose funds have been locked up in the fund management companies.
“I am glad to inform you that the Ministry of Finance has processed the release for the first trance of Ghc700 of the additional 1.5 billion for the Securities and Exchange Commission (SEC) to bail out the remaining customers whose funds were locked up, including Blackshield Fund Management customers.
“Yesterday, I instructed the Controller and Accountant General to release the funds to mitigate the stress on affected persons,” he stated.
