Customers eligible for the government’s bailout package for locked-up investments will soon have their accounts credited. This comes after successful discussions between GCB Capital, the lead fund manager, and investors to finalize the roadmap for the first tranche of payments.
The terms have been settled, and funds are expected to be disbursed by the end of September 2024. Last week, a meeting was held to update investors following the government’s announcement of GHS 700 million as the initial installment of the GHS 1.5 billion bailout package.
The focus of the meeting was to ensure a smooth process for customers to access their funds. Investors with outstanding balances will receive payments on a pro-rata basis, ensuring some level of relief for all.
The Securities and Exchange Commission has already announced that investors will receive a maximum of GHS 50,000 or 15% of their outstanding amounts in this phase. For instance, investors with balances below GHS 20,000 will receive their full amount by the end of the month. Those with larger balances, such as GHS 100,000, will receive GHS 50,000, while those with balances of GHS 500,000, GHS 1 million, and GHS 5 million will receive GHS 75,000, GHS 150,000, and GHS 750,000, respectively.
Redemption Process
New investors must visit the company’s registrar office or website to accept the bailout agreement. Once this is done, they will receive their fund account details within two business days via text from PwC. Existing investors must update their records with their Ghana Card before payments are made into newly created GCB accounts for new investors or those with closed bank accounts.
GCB has assured investors that it will administer the government’s bailout program efficiently to ease the financial burden on affected individuals.
