- Government has announced the release of GH700 million to some customers whose funds have been frozen
- The amount is the first tranche of the total allocation of GH1.5 billion mentioned in the 2024 mid-term budget review
- Blackshield Funds Management’s affected clients are primarily among the expected beneficiaries
Government has announced the release of GH700 million to clients whose funds have been locked in various fund management companies whose licenses have been withdrawn.
Blackshield Funds Management’s affected clients are primarily among the expected beneficiaries.
Source: Getty Images
This amount represents the first tranche of the total allocation of GH1.5 billion mentioned in the 2024 mid-term budget review.
Graphic Online reported that the remaining GH¢800 million will be released in two later tranches.
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Finance Minister Mohammed Amin Adam gave this update in a financial information on August 29.
Adam said the release was to provide relief to people affected by the withdrawal of licenses of these fund management companies.
“Yesterday, I instructed the Comptroller and Accountant General to release the funds to ease the stress on the affected people. The CEDI 1.5 billion will be released in three installments,” he said.
The Minister further explained that the first tranche of GH700 million has been processed and released to the Securities and Exchange Commission for further distribution to the affected customers.
Nduom calls on government to pay his companies
Chairman of Groupe Nduom, Dr Papa Kwesi Ndoum, earlier claimed that the government still owes two of his companies and other subsidiaries over GH7 billion.
Nduom, the owner of the defunct Gold Coast Fund Management Company, now BlackShield, called on the government to compensate contractors who borrowed money from Groupe Ndoum.
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One of Groupe Nduom’s companies won a GH174 million judgment against Health Network Company Limited.
GN Bank staff protest
YEN.com.gh reported that former staff of GN Bank had staged a one-man demonstration to demand the bank’s revival.
Philip Sarpiah also wanted the state to settle the Provident Fund of over 6,000 ex-employees of the bank.
On Friday, January 20, 2023, he marched more than 30 kilometers under the hot sun to present a petition to the president, which was received by a presidential official at Black Star Square.
Corrected by Berlinda Entsie, reporter and copy editor at YEN.com.gh
Source: YEN.com.gh
