The government has disbursed GH₵700 million to customers of collapsed fund management companies, fulfilling the first tranche of a GH₵1.5 billion bailout plan introduced in the 2024 mid-year budget review.
This initiative is designed to offer relief to individuals whose funds have been locked up following the collapse of these firms, with the remaining GH₵800 million scheduled to be released in two additional tranches.
The intervention is part of a broader effort to alleviate the financial distress caused by the failure of these companies.
Speaking at the Ministry of Finance’s monthly economic update, Finance Minister Dr. Mohammed Amin Adam confirmed the release of the funds to the Securities and Exchange Commission (SEC) for distribution to affected customers.
He emphasized that the disbursement underscores the government’s commitment to supporting those impacted, particularly customers of Black Shield Funds Management and other defunct firms.
“I’m glad to inform you that the Ministry of Finance has processed the release for the first tranche of 700 million Ghana cedis… Yesterday, I instructed the Controller and Accountant General to release the funds to mitigate the stress on affected persons,” Dr. Amin Adam stated.
The release of the GH₵700 million is expected to ease the financial burden on the affected individuals and help restore confidence in the financial sector.
Dr. Amin Adam expressed satisfaction with the progress made so far and reiterated the government’s pledge to continue providing support, with the remaining GH₵800 million to follow in subsequent disbursements.
