All Customers Of Collapsed Banks Have Been Paid – BoG

Governor of the Bank of Ghana, Dr. Ernest Addison has stated that all customers of the nine collapsed banks have been paid their locked-up funds.

Dr. Addison described as untrue claims that depositors who had their monies locked up with the collapsed banks have not been paid.

“We had the [banking sector] reform in two phases. The first phase had to do with the banking system where we revoked the licenses of the banks. Depositors got their monies,” Dr. Addison said, during President Nana Akufo-Addo’s working visit to the Central Bank on Tuesday, August 25, 2020.

He, however, indicated that there were some outstanding payments to be made to customers of collapsed microfinance companies, savings and loans, and finance houses.

“The second phase of payment has to do with the SDIs – Savings and Loans and Microfinance Institutions and in their case, more than 95 percent of depositors have been paid so there is just about 5 percent of depositors who have not been paid.”

There have been suggestions that the Central Bank should print money to pay up customers’ locked up funds but Dr. Addission has dismissed this suggestion arguing that although the bank is committed to paying depositors’ locked-up funds, printing money has not been part of its plans as it has the potential to undo all that the bank has achieved over the past couple of years.

Source: GhanaFeed.Com