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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.”
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.”
“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
President John Dramani Mahama today cut the sod for the construction of a 24-Hour Economy Model Market in Juapong, North Tongu District, marking the commencement of a transformative project aimed at boosting local commerce, creating sustainable jobs, and driving economic growth in the Volta Region.
The sod-cutting ceremony formed part of the President’s two-day ‘Resetting Ghana Tour’ of the Volta Region.
Addressing residents and stakeholders, President Mahama described the proposed facility as a modern economic centre designed to empower farmers, traders, entrepreneurs, and small businesses.
He noted that beyond serving as a marketplace, the project will provide critical infrastructure for storage, processing, packaging, distribution, digital commerce, and access to financial services.
The President reaffirmed Government’s commitment to accelerating development across the Volta Region through strategic investments in roads, healthcare, education, agriculture, transport, markets, and agro-industrial initiatives.
He highlighted Juapong’s strategic location and economic potential, indicating that the town is well-positioned to emerge as a key commercial and industrial destination within the region.
As part of the flagship 24-Hour Economy programme, the Juapong Model Market will be among the largest facilities under the initiative.
The project has been designated as a Category Four Market, the highest classification within the programme, reflecting its significance to the region’s economic transformation.
Broadcast journalist and aspiring National Democratic Congress (NDC) parliamentary candidate for Gomoa West, Blessed Godsbrain Smart, popularly known as Captain Smart, has pledged to embark on major infrastructure development if elected to represent the constituency in Parliament.
Speaking on Onua TV platform, Captain Smart said his priority would be to transform Gomoa West through extensive development projects.
“I will turn the constituency into a construction site,” he declared, stressing his commitment to improving infrastructure across the area.
Although much of his remarks focused on rallying supporters in local languages, he repeatedly assured residents that they would witness significant development under his leadership.
Captain Smart also urged party supporters to remain united and actively participate in the party’s internal activities ahead of the parliamentary primaries.
He expressed confidence in his bid and promised to work hard to improve the lives of people in Gomoa West if given the opportunity to serve as their parliamentary candidate.
By: Jacob Aggrey
