Akufo-Addo directs Finance Ministry to disburse ¢1.5bn bailout to victims of banking sector clean-up
President Akufo-Addo has ordered the Finance Ministry to release ¢1.5 billion to assist customers affected by the banking sector clean-up exercise.
This was disclosed by Finance Minister Dr Mohammed Amin Adam during a UK Town Hall meeting over the weekend.
According to Dr Amin Adam the President’s instruction mandates the disbursement to be completed between now and October.
He stressed that the government places the welfare of the Ghanaian people first, making it clear that people, not the government, are responsible for their investment decisions.
“Ideally, government should not be held responsible for the investment decisions of individuals, but this government is so caring.
“Mistakes were made and people were not well-informed, and they didn’t know who to consult to be advised, but we also know that the people who are affected are suffering, and we have heard that some people have died and others had to commit suicide.”
“This government is so caring that in the first place, we granted some bailout to all the affected and I want to tell you again that the President has directed that we do another bailout.
“So between now and October, we will release 1.5 billion Ghana Cedis to the affected people,” he said.
Dr. Amin Adam further revealed a successful debt restructuring program between Ghana and its official creditors.
He said addition to successfully restructuring its $5.1 billion debt with these creditors, the government has also finished restructuring its $13.1 billion debt with holders of Eurobonds.