The government has disbursed GH₵700 million to customers of collapsed fund management companies, marking the first tranche of a GH₵1.5 billion bailout plan outlined in the 2024 mid-year budget review.
The initiative seeks to provide relief to individuals whose funds have been locked up due to the collapse of these firms, with the remaining GH₵800 million to be released in two additional tranches.
This intervention is part of a broader effort to alleviate the financial distress caused by the collapse of these companies.
Speaking at the Ministry of Finance’s monthly economic update on August 29, Finance Minister Dr. Mohammed Amin Adam confirmed that the funds had been processed and released to the Securities and Exchange Commission (SEC) for distribution to affected customers.
He highlighted that the release of the funds underscores the government’s commitment to supporting those impacted by the collapse, particularly customers of Black Shield Funds Management and other defunct firms.
The disbursement is expected to ease the financial burden on affected individuals and restore some confidence in the financial sector.
Dr. Amin Adam expressed his satisfaction with the progress made so far, stating, “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.”
He reiterated that the remaining GH₵800 million would follow in subsequent tranches, ensuring continued support for those impacted.
