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    Ghana is the best destination for investment in West Africa – Bawumia

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    Modify old trade conventions to favor local printing firms – AGI tells govt

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    Ghana is the best destination for investment in West Africa – Bawumia

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    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

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    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

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    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

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    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

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    Ghana gets $300 million from US to build first-of-its-kind data center

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    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

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We have GH¢1.35bn locked up in collapsed Microfinance, S&Ls – Fund Managers lament

byPius Amihere Eduku
June 15, 2020
in Banking And Finance, Government, Top Stories
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The Ghana Securities Industry Association, GSIA, is appealing to the Ministry of Finance to urgently facilitate the payments of locked up monies estimated at 1.35 billion cedis, belonging to its members in the collapsed Savings and Loans and Microfinance Companies.

The Association says the delay in accessing their funds is affecting onward payments to their customers.

According to the Fund Managers, a total of 1.87 billion cedis belonging to members, were locked up in the collapsed Savings and Loans and Microfinance institutions.

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A statement signed by the Executive Secretary of the Council for Fund Managers said though more than 1.43 billion cedis of the 1.87 billion cedis locked up have been validated, only 83 million cedis has been paid to Fund Managers and their clients in cash.

Following the revocation of the licenses, the receiver, Eric Nana Nipah announced that the government will be raising about 4 billion cedis at no interest, to help in paying the affected depositors.

This is to be done over a five year period.

Payments were however going to be made twice every year till the five year period is over.

The Fund Managers say the 7% of the total locked up amounts given to its members is woefully inadequate compared to the over 50% cash payments some institutions in other sectors of the financial system have received.

“Our goal is for our numerous clients to be given a higher cash portion. An increase in the cash component of the pay-out will ease the already tight liquidity situation in the sector and provide relief to these clients,” portions of the statement read.

They are convinced that their ability to access their funds should ease liquidity in the investment market.

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