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Govt releases GH₵700m to customers of collapsed fund management companies

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The Minister for Finance, Dr. Mohammed Amin Adam, has announced the release of GH₵700 million to customers whose funds have been locked up in various fund management companies.

This amount represents the first tranche of a GH₵1.5 billion allocation, as outlined in the 2024 mid-year budget review, which is aimed at providing relief to individuals affected by the collapse of these fund management companies.

Speaking during a monthly economic update at the Finance Ministry on August 29, Dr. Amin Adam confirmed that the payments will be made in three tranches.

According to him,“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.”

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The Minister further explained that the first tranche of GH₵700 million has been processed and released to the Securities and Exchange Commission for further distribution to affected customers.

The remaining 800 million Ghana cedis will be released in two subsequent tranches.

Dr. Amin Adam emphasised that the release of funds is intended to mitigate the stress on affected individuals and provide much-needed relief.

He said, “I’m glad to inform you that the Ministry of Finance has processed the release for the first tranche of 700million Ghana cedis of the additional GH₵1.5 billion for the Security and Exchange Commission to further bail out the remaining customers whose funds were locked up including Black Shield Funds Management customers.”

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“Yesterday, I instructed the Controller and Accountant General to release the funds to mitigate the stress on affected persons. The 1.5 billion cedis will be released in three tranches,” he concluded.

Source: Citinewsroom.com

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Police arrest former boxer Ayitey Powers over alleged death threat on NSA boss

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The Accra Regional Police Command has arrested former professional boxer Michael Ayitey Okai, popularly known as “Ayitey Powers,” over an alleged threat of death against the Director-General of the National Sports Authority, Yaw Ampofo.

According to the Police, the 46-year-old former boxer was arrested on Monday, August 24, 2026, in connection with the alleged threat.

The Police said the arrest followed a video circulating on social media in which Ayitey Powers is alleged to have issued the threat against Mr Ampofo.

He is currently in Police custody and is assisting with investigations.

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The Accra Regional Police Command said investigations are ongoing to establish the circumstances surrounding the alleged threat and determine the appropriate action to be taken in accordance with the law.

The Command has urged the public to refrain from sharing unverified information about the matter while the investigation continues.

By: Jacob Aggrey

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Afenyo Markin sues Sammy Gyamfi, Multimedia for alleged defamation

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Minority Leader in Parliament Alexander Afenyo Markin has sued the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, and Multimedia Group Limited over alleged defamatory comments made against him on the Newsfile programme.

In a writ filed at the High Court in Accra, Mr Afenyo Markin is seeking GH¢15 million in damages, an apology and retraction of the statements, among other reliefs.

The suit follows comments allegedly made by Mr Gyamfi during the Saturday, August 22, 2026 edition of Newsfile, hosted by Samson Lardy Anyenini.

According to the statement of claim, Mr Gyamfi described Mr Afenyo Markin as an “extortionist” while responding to a question about GoldBod’s reported profits and its position on losses arising from its operations.

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The plaintiff claims that Mr Gyamfi repeated the allegation when the host sought clarification on whether he stood by the description.

Mr Afenyo Markin further claims that Mr Gyamfi challenged him to sue him and insisted that the allegation was true.

The plaintiff argues that the statements created the impression that he engages in extortion, uses his political influence to put improper pressure on public institutions and officials, and conducts himself in a manner inconsistent with the standards expected of a lawyer and public office holder.

He denies the allegations and maintains that he is not an extortionist and has never engaged in the conduct alleged by Mr Gyamfi.

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The Minority Leader also argues that the comments were made maliciously and were presented as facts without evidence being disclosed.

He claims the statements have damaged his reputation, professional standing and public image, particularly because of his position as a senior political figure and legal practitioner.

The suit also names Multimedia Group Limited as a defendant because, according to the plaintiff, the alleged defamatory comments were broadcast through JoyNews and subsequently circulated on social media platforms, including X, Facebook and YouTube.

Mr Afenyo Markin claims Multimedia failed to stop the comments or deactivate Mr Gyamfi’s microphone after the allegations were made.

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He is therefore asking the court to award him general, aggravated and exemplary damages, as well as GH¢15 million in compensation and legal costs.

He is also seeking an order compelling the defendants to issue a full, unconditional and unequivocal retraction and public apology.

The plaintiff wants the apology and retraction to be given similar prominence and reach as the original publication, including through JoyNews and the social media platforms where the comments were disseminated.

He is further seeking a permanent injunction preventing the defendants from repeating the alleged defamatory statements or words with a similar meaning.

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The writ requires the defendants to enter an appearance within eight days after being served.

It warns that failure to do so could result in judgment being entered in their absence.

The case was filed by lawyer Paa Kwesi Abaidoo of Dehyena Chambers on behalf of Mr Afenyo Markin.

By: Jacob Aggrey

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