Finance Minister Dr Mohammed Amin Adam has announced the release of GH₵700 million to compensate customers with funds locked in various fund management companies.
Speaking at the Finance Ministry’s monthly economic update on August 29, Dr Amin Adam highlighted that the 2024 mid-year fiscal policy review approved an additional GH₵1.5 billion to assist those affected by the collapse of these companies. Thus the payments will occur in three phases and he has instructed the Controller and Accountant General to release the first tranche of the GH₵1.5 billion to provide immediate relief.
Further, he noted that the ministry has already processed and transferred the first tranche of GH₵700 million to the Securities and Exchange Commission for distribution to affected customers, including clients of Black Shield Fund Management. The ministry will disburse the remaining GH₵800 million in two subsequent phases.
Consequently, Dr Amin Adam stressed that these funds aim to ease the financial stress on those impacted.
