The Minister of Finance, Ken Ofori-Atta, has disclosed that ¢787 million has been paid to 15,997 customers of collapsed microfinance firms as of March 5, 2020.

Addressing issues concerning his sector in Parliament yesterday (March 17, 2020), the minister said ¢166.3 million has been paid to 581 social organisations and welfare groups which had deposited with the collapsed firms.

He noted that ¢148.29 million has additionally been paid to 174 Savings and Loans, Microfinance Institutions, Rural Banks and finance houses.

Some 48 financial institutions have also been paid GHS5.98 million. Also, 491 corporate organisations have been paid GHS30.3 million, and 147,703 individuals have been paid GHS436.45 million.

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President Nana Akufo-Addo announced during the 2020 State of the Nation Address that government has made GHS5 billion available to the receiver to pay customers of about 386 insolvent microfinance and microcredit companies whose licenses were revoked by the Bank of Ghana last year.

“With the 5 billion Ghana cedis, the government has provided enough liquidity to enable the receiver’s paying agent to pay fully all depositors of the defunct Special Deposit Institutions and Microfinance firms in line with the president’s directive,” the Finance Minister told MPs.