The Finance Ministry has been instructed by President Akufo-Addo to set aside ¢1.5 billion to assist clients impacted by the banking industry cleanup effort.
During a UK Town Hall meeting over the weekend, Finance Minister Dr. Mohammed Amin Adam made the announcement.
During the UK Town Hall meeting, Dr. Adam reaffirmed the government’s commitment to putting residents’ wellbeing first by stressing that the payout is expected to be finished by October.
“This government is sympathetic, but ideally it shouldn’t be held accountable for people’s investment choices. Errors occurred, and people were not given enough information or guidance. Given the accounts of several fatalities and suicides, we recognize the sorrow endured by individuals impacted,” Dr. Adam said.
“I want to stress that the President has directed us to provide another bailout, and this government is so compassionate that we originally gave a bailout to everyone impacted. We will thus give those impacted 1.5 billion Ghana Cedis between now and October,” he declared.
Dr. Adam underlined, “The government recognizes the suffering endured by those impacted, including instances of deaths and suicides, even if people are ultimately in charge of their investing choices. In addition to the bailouts we have already given, we will now give ¢1.5 billion to those affected.”
Although the government is not often held responsible for individual investment choices, he explained, it has shown extraordinary concern by providing assistance during this crisis.
In a related development, the Finance Ministry announced that the restructuring of domestic debt was complete. According to the Karaga member of parliament, the government has successfully restructured $5.1 billion of its debt with domestic creditors and completed the restructuring of $13.1 billion with holders of Eurobonds.
