July 25, 2024
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Akufo-Addo orders Finance Ministry to release ¢1.5bn bailout to banking sector clean-up victims

President Akufo-Addo has instructed the Finance Ministry to disburse ¢1.5 billion to assist customers affected by the banking sector clean-up operation.

Finance Minister Dr Mohammed Amin Adam announced this directive over the weekend during a UK Town Hall meeting.

Dr Amin Adam emphasised that the President’s directive mandates the disbursement to be completed between now and October.

He underscored that the government prioritises the welfare of the Ghanaian people, clarifying that individuals are accountable for their investment decisions and not the government.

“Ideally, government should not be held responsible for the investment decisions of individuals, but this government is so caring.

“Mistakes were made and people were not well-informed, and they didn’t know who to consult to be advised, but we also know that the people who are affected are suffering, and we have heard that some people have died and others had to commit suicide.”

“This government is so caring that in the first place, we granted some bailout to all the affected and I want to tell you again that the President has directed that we do another bailout.

“So between now and October, we will release 1.5 billion Ghana Cedis to the affected people,” he said.

Dr Amin Adam has additionally disclosed the successful conclusion of Ghana’s debt restructuring programme with its official creditors. 

The Member of Parliament for Karaga highlighted that the government has effectively restructured its debt of $5.1 billion with these creditors, and has also completed the restructuring of $13.1 billion with Eurobond holders.

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