All customers of collapsed banks paid - BoG

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has said the Receiver of the collapsed banks has settled all payments due depositors.

The governor said 95 per cent of the customers of savings and loans companies, microfinance institutions and finance houses had also been paid their deposits and investments.

Dr. Addison, briefing the President, Nana Addo Dankwa Akufo-Addo, at the BoG yesterday on a number of issues in the financial sector, especially the banking crisis, said there was just about five per cent of depositors of the non-bank financial institutions which had large amounts of money to be settled that were swapped with bonds which were to be retired over five years.

He also indicated that there were a few delays regarding depositors of the GN Bank/GN Savings and Loans and First Allied Savings and Loans which were cleared last three weeks.

The governor added that the government had provided a bond worth GH¢1.7 billion, out of which GH¢700 million had been monetised, with which the Receiver was also working at clearing the last people that were left in this segment.

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Dr. Addison gave the breakdown when President Akufo-Addo asked the governor to tell Ghanaians about the causes and effects of the banking sector clean-up and the state of payment to customers and depositors who had accounts with the banks.

The President, who is the third President, after Dr. Kwame Nkrumah and J. J. Rawlings, to visit the BoG, paid a working visit to the central bank to commend the staff for their work and also salute them for the role they had played in managing the economy.

He later visited the Ghana Stock Exchange (GSE), the first President to have done so, to interact with its management and staff.

SOURCE: graphiconline