Bolgatanga Central MP Isaac Adongo has wondered where the Akufo-Addo government got GHS3.56 billion with which it intends paying all locked-up funds of depositors of the collapsed microfinance companies, savings & loans and finance houses.

The payments start from Wednesday, 16 September 2020.

The government had earlier said it will refund the monies in a form of bonds but on Tuesday, 15 September 2020, a statement signed by the Receiver, Mr Eric Nipah, said GHS3.56 billion had been allocated to settle the depositors through cash.

The customers have been directed to visit any branch of the Consolidated Bank Ghana Limited to receive their monies.

“Notice is hereby given that with effect from Wednesday 16 September 2020, affected depositors may contact any branch of Consolidated Bank Ghana Ltd (“CBG”) the paying bank to access their newly created Cash accounts which were originally designated as Commercial Paper (Bond) accounts at the bank”, the statement said.

It is recalled that in February this year, the government, through the Ministry of Finance, released GHS5 billion to the Receiver of the defunct Savings and Loans and Microfinance Companies, as well as the Official Liquidator of the Microcredit companies through Consolidated Bank Ghana (CBG).

This was in a combination of cash and bonds to fully settle all validated claims due depositors of failed Specialised Deposit-Taking Institutions (SDIs). 

The Bank of Ghana collapsed nine local banks, 347 microfinance institutions and 23 savings and loans; and finance houses within a space of two years as part of the financial sector clean up in the country

A day after the Receiver’s statement, however, Mr Adongo issued a statement thanking former President John Mahama for his “people’s manifesto”.

Read Mr Adongo’s full statement below:

Where did you now get the cash to pay depositors?

So, the 2% they claimed was the only outstanding is now worth over GHS3.56 billion or is it the worthless papers they wickedly gave to depositors at no interest for 5 years when Akufo-Addo would not have had to pay?

God has blessed depositors with JM to save them from these wicked people.

What of the depositors of the fund management companies worth over GHS12.5 billion?

When are you paying them or you don’t know it’s in the people’s manifesto?

Your quest to collapse everyone to grow Databank has destroyed so many homes, killed depositors and employees, put people out of work and burdened the public purse in excess of GHS22 billion.

How can Databank, which for 16 years; from 1995 to 2016, could only mobilise GHS2 billion asset under management, suddenly now increase asset under management to GHS6 billion in less than 4 years (200% growth) after its former Vice President, Ogbamey Tetteh was sent to SEC as Director-General, leading to the deliberate collapse of Databank competitors such as Dr Duffuor, Dr Nduom etc?

Ghana is not for a few Akyem Sakawa Boys and the Sakawa Kingpin.