Savings & Loans customers doubtful they’ll be paid despite President’s promise by Bobbie Osei
21 Feb 2020

Savings & Loans customers doubtful they’ll be paid despite President’s promise

The Coalition of Affected Savings and Loans Customers has expressed doubts about Presidents Akufo-Addo’s assurance that they will start receiving their monies from Monday, February 24.

President Akufo-Addo during the State of the Nation Address announced that the Receiver for the collapsed Savings and Loans and Microfinance Companies will start disbursing an amount of 5 billion cedis from Monday but the Leader of the Coalition of Affected Savings and Loans Customers, Kofi Sarpong, said they expect government to come out with a clear payment plan.

“It’s a bold decision the President has taken, but to us we are dissatisfied. We believe that he is deceiving us. The reason why we’re saying this is that in the past, the Finance Minister, the President, as well as the Vice President, have all made promises regarding the payment of our funds. But as we speak, we are yet to see any plan from the receiver, the Central Bank or any other authority.”

Defunct S&L-Microfinance firms: Receiver to disburse GH¢5 bn from Feb. 24 – Nana Addo

President Akufo-Addo announced that the Receiver is ready to disburse 5 billion cedis in addition to the 13 billion cedis that has already been spent on the financial sector clean-up.

His assurance comes not long after Vice President Mahamudu Bawumia also assured during a Town Hall Meeting in Kumasi that such customers would receive 100% payments of their locked-up funds, including customers of defunct DKM.

The Private Enterprise Federation (PEF), recently criticized the government delaying the payments after the President gave a directive to the Bank of Ghana and the Ministry of Finance to provide liquidity to pay the customers.

Delivering his fourth State of the Nation Address in Parliament on Thursday, February 20, President Akufo-Addo reiterated that all customers of the defunct companies will receive their monies in full.

“I am informed that the Receiver of the Savings and Loans and Microfinance institutions will on Monday the 24th of February start paying most of the customers their monies totalling 5 billion cedis, being the addition to 13 billion cedis paid to customers of the failed banks.”

He stressed that customers of defunct DKM Microfinance Company whose monies were locked up in the company in 2015, will also receive their total funds.




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