President Akufo-Addo has directed the Finance Ministry to allocate ¢1.5 billion to aid customers affected by the banking sector clean-up operation.
This directive was announced by Finance Minister Dr. Mohammed Amin Adam during a UK Town Hall meeting over the weekend.
Dr. Adam emphasized during the UK Town Hall meeting that the disbursement is scheduled to be completed by October, underscoring the government’s commitment to prioritizing the welfare of citizens.
“Ideally, government should not be held responsible for the investment decisions of individuals, but this government is compassionate. Mistakes were made, and individuals were not adequately informed or advised. We acknowledge the suffering of those affected, with reports of some deaths and instances of suicide,” Dr. Adam stated.
“This government is so caring that initially, we provided a bailout to all those affected, and I want to emphasize that the President has instructed us to provide another bailout. Therefore, between now and October, we will disburse 1.5 billion Ghana Cedis to those affected,” he announced.
Dr. Adam emphasized, “While individuals are responsible for their investment decisions, the government acknowledges the hardship faced by those affected, including reports of fatalities and suicides. We have already provided bailouts and will now disburse an additional ¢1.5 billion to those impacted.”
He clarified that while it is not usual for the government to be accountable for individual investment decisions, it has demonstrated exceptional care by extending support during this crisis.
Relatedly, the Finance Ministry has declared the conclusion of domestic debt restructuring. Member of Parliament for Karaga, stated that the government has effectively restructured its debt of $5.1 billion with domestic creditors, along with finalizing the restructuring of $13.1 billion with Eurobond holders.
