President Nana Akufo Addo has reiterated his government’s commitment to pay all validated claims of clients of the collapsed Fund Management Companies.
Government in September 2020 commenced payment processes for 20 of the fund management companies which had undergone official liquidation.
Subsequently, the government in November 2020, also authorized a partial payment of up to GHS50,000 to all customers of the remaining defunct Fund Management Companies whose monies were locked up.
Addressing the nation in his final state of the nation address before the dissolution of the 7th parliament, President Akufo-Addo assured clients of the Fund Management Companies that they will be paid their locked up investment.
“There is no question that many people got attracted to the unsustainable high-interest rates that some of these financial houses were offering. In all financial dealings, we have to accept what the experts tell us that whenever an offer sounds too good to be true, it invariably ends up being untrue and unsustainable. Government is committed to paying all validated claims and I expect the process to be completed to grant the liquidation orders of the remaining fund management companies”.
The President, Nana Addo Dankwa Akufo-Addo has stated that his government has been able to stabilize the economy within the last four years.
“The basic facts of our unhappy inheritance are well-documented – 15.4% rate of inflation; a 9.3% fiscal deficit; 32% rate of interest; a 3.4% rate of GDP growth, the lowest in two decades – all under an IMF-sponsored bailout programme.”
He reiterated that although the economy was in a bad state when he assumed office, his government was able to work to get the economy stabilized.
“We set to work quickly, and, I am glad to say that, we have been able to stabilize the economy, exit satisfactorily the IMF programme, and restore confidence in the economy.”
President Nana Addo Dankwa Akufo-Addo on Tuesday, January 5, 2021, delivered the last State of the Nation Address of his first term in office.
This is in accordance with Article 67 of the 1992 constitution which states that “the President shall, at the beginning of each session of Parliament and before a dissolution of Parliament, deliver to Parliament a message on the state of the nation”.