The Securities and Exchange Commission (SEC) says customers of the affected fund management companies yet to receive bailout will from today, November 20, 2020, be able to access a partial package of up to GHS50,000 authorized by government.
According to the Commission, the amount covers 89 percent of affected customers and 82 percent of pensioners.
In an interview with Citi Business News at the sidelines of “A Time with the Commission event,” Director-General of the SEC, Reverend Daniel Ogbarmey Tetteh, said customers must follow the due processes to access their funds.
“From the 20th of November 2020, our agents will share the claimed IDs with the affected clients. Once you receive your ID, you log onto www.bailout.rgd.gov.gh, you enter your ID number and follow the processes from there”.
“It’s not a different process from what is usually done. We are actually trying to mimic what typically happens in the asset management space, and so I think people shouldn’t get anxious and wonder whether it will happen. It’s just a matter of following through the process,” he said.
He further cautioned customers to stay clear of any entity such as PBAY Limited that claims it can help them access their funds, saying government does not need any facilitator in giving the funds to the customers.
“My job is to let the affected customers of these fund management companies know that SEC has not mandated PBAY to be a facilitator. Indeed, government bailout does not require any facilitator.”
Acting Deputy Executive Director in charge of Intelligence and Monitoring, Aba Opoku who was also present at the event said all those who are responsible for the collapse of the institutions will not go unpunished.
“Persons who have by their activity caused this negative impact on the capital market on and in the financial sector should be made to right the wrongs, and we are expecting that we should prosecute these matters based on the authority given by the Attorney General”.