The Minister of Finance, Dr. Mohammed Amin Adam, has announced the release of GH₵700 million to customers whose funds have been locked up in various collapsed fund management companies. This sum represents the first installment of a GH₵1.5 billion relief package outlined in the 2024 mid-year budget review, aimed at easing the financial burden on affected individuals.
Speaking during an economic update at the Finance Ministry on August 29, Dr. Amin Adam confirmed that the funds would be disbursed in three tranches. “We had indicated in the 2024 mid-year review of fiscal policy that the government has approved the disbursement of an additional GH₵1.5 billion to provide relief and bailout to people whose funds have been locked up in fund management companies,” he stated.
The first tranche of GH₵700 million has been processed and transferred to the Securities and Exchange Commission for distribution to the affected customers. The remaining GH₵800 million will be released in two subsequent tranches.
Dr. Amin Adam emphasized that this financial intervention is designed to alleviate the stress on those impacted, providing them with much-needed relief. “I’m glad to inform you that the Ministry of Finance has processed the release for the first tranche of 700 million Ghana cedis for the Securities and Exchange Commission to further bail out the remaining customers whose funds were locked up, including Black Shield Fund Management customers,” he said.
He also mentioned that he had instructed the Controller and Accountant General to expedite the release of the funds, reinforcing the government’s commitment to supporting those affected.
