Matilda Akakpo – Page 2

REVOCATION OF GN BANK LICENSE: COURT OF APPEAL UPHOLDS BOG APPLICATION

BOG | Matilda Akakpo | June 2, 2022 | Comment off

The Court of Appeal has by a unanimous decision upheld the Bank of Ghana’s application that the suit by Dr. Papa Kwesi Nduom and others against the Bank of Ghana’s revocation of the licence of GN Bank be referred to Arbitration. The Court today June 2nd, 2022, held that per section 141 of the Banks and Specialised Deposit-Taking Institutions Act, 2016, Act 930, the forum for such a challenge is arbitration and not the court. The Court held further that Dr Nduom and the other applicants had masqueraded their challenge to the decision of Bank of Ghana as a human rights application. The Court therefore stayed the proceedings at the High Court and referred the matter to the Ghana Arbitration Centre. The Court of Appeal panel of three Judges led by Justice Henry Coffie, and comprising Justice Eric Baah and Justice Novisi Ayine as members of the panel looked at the case.

COURT DISMISSES ATO ESSIEN’S APPLICATION FOR STAY OF PROCEEDINGS

BOG | Matilda Akakpo | April 28, 2022 | Comment off

The High court has dismissed William Ato Essien’s application for a stay of proceedings pending the determination of an appeal against one of its rulings. Justice Eric Kyei Baffour of the Court of Appeal, who sits as an additional High Court Judge, held that “the prospect of the success of the interlocutory appeal is very bleak” as such he had “no hesitation in dismissing this application”. Mr. Ato Essien’s lawyers told the Court that they had appealed against its admission of unsigned documents (exhibits 24, 24A, 24B, and 27) into evidence against their objections. After that, they asked the Court to temporarily halt the trial to enable them to pursue the appeal at the Court of Appeal. Arguing for Mr. Ato Essien in court on Thursday, 28 April 2022 Baffour Gyawu Bonsu Ashia, said their appeal hinged on three grounds “in relation to the unsigned documents which were admitted into evidence”. He told the Court that “our appeal has a real chance of success on the basis that exhibits 24, 24A 24B, and 27 were admitted in breach of section 138 of the Evidence Act.” The lawyer also assured the Court that a temporary halt of proceedings would in no way delay the trial. More concerning for William Ato Essien’s lawyers were attempts by the 3rd Accused (Fitzgerald Odonkor) to compel the author of the unsigned documents to appear and testify in Court. “To allow the said witness to enter the box and to corroborate the evidence of the 3rd accused person” the lawyers argued, “will be injurious to the defense of the 1st accused” (William Ato Essien). Though the other parties were not on the record opposed to the application, the Court went on to consider it on its merits. In the reasoning of the Court, the fact of non-opposition of an application by way of an affidavit in opposition is not an indication that an adverse party was not opposed to the application. “All that it means is that the adverse party was not in the position to assist the Court in coming to a conclusion one way or the other.” Quoting a plethora of decisions, Justice Eric Kyei Baffour concluded that “recent authorities from the Supreme Court demonstrate that the admissibility of an unsigned document per se is not erroneous, but depends on the circumstances of the case.” He held that “in this instance, the latest authority on the admissibility of evidence has completely appended the rule in Amidu (no. 3) v. Waterville and Woyome (no. 2), and Provencal v. Zwennes The case has been adjourned to May 5, 2022, for continuation

PRESS RELEASE BY THE RECEIVER, ERIC NANA NIPAH (PUBLIC ANNOUNCEMENT – SCAM DISCLAIMER)

BOG | Matilda Akakpo | March 24, 2022 | Comment off

IN THE MATTER OF THE BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT 930) AND IN THE MATTER OF THE RECEIVERSHIPS OF THE 347 MICROFINANCE COMPANIES (“MFCs”) AND THE 23 SAVINGS & LOANS AND FINANCE HOUSE COMPANIES (“S&LS”) PRESS RELEASE BY THE RECEIVER, ERIC NANA NIPAH Accra 24 March 2022 My attention has been drawn to information circulating on social media and other public platforms by individuals and companies claiming that indebtedness to any of the defunct Microfinance Institutions and Savings and Loans Companies (MFCs/S&Ls) will be written off, if bribes and kickbacks are paid to me or to any of my associates and debt recovery agents/lawyers. I would like to inform the general public that this is not true and that the persons or companies involved are fraudsters and must be reported to the Ghana Police or to my office on 0550000966/ 0242439441 I have also noticed that a fake loans company by name FCMB Fast Ghana Loans has emerged and is using my picture as its profile picture, assuring innocent and unsuspecting customers of its Loans Service. I am by this release categorically disassociating myself from that social media page and informing the public that I have formally referred the matter to the Ghana Police Service. I am also by this press release cautioning the general public to desist from entertaining or doing business with any unscrupulous persons or companies who want to use the receivership process to undertake any fraudulent activity. Please note that all customers can settle their outstanding obligations to the defunct companies through the respective MTN MoMo numbers and/or receivership bank accounts listed on the receivership website (www.ghreceiverships.com). Borrowers may also make payments to the Receiver’s authorised representatives/agents. If unsure of these authorised persons/ agents, please call the Receivership Call Centre on 0242439441 for confirmation or visit the Receiver’s website to access the list of the Loan Recovery Agents, authorised by the Receiver to recover loans from borrowers of the defunct companies. Borrowers are to note that, the Receiver will pursue all recalcitrant defaulters through all available means as permitted by the Act including, but not limited to, legal actions and publishing names of recalcitrant defaulters in the national dailies. For further information on Loan Repayments, please call 0242439441/0302960208 or send a mail to: · projectdomino.loans@gmail.com for (Microfinance Companies). · projectbluemoonloans@gmail.com for (Savings and Loans Institutions). You may also write to the following address: The Receiver 54 Olusegun Obasanjo High Way Opposite Accra Girls Senior High School PMB CT42, Cantonments Accra, Ghana www.ghreceiverships.com SGD ERIC NANA NIPAH RECEIVER

BOG FORWARDS SUSPECTED FINANCIAL CRIME CASES TO EOCO FOR INVESTIGATIONS

BOG | Matilda Akakpo | December 20, 2021 | Comment off

The Bank of Ghana has forwarded a number of suspected cases of financial crime to the Economic and Organised Crime Office (EOCO) for investigations. They include suspicious request to the Central Bank for payment of large sums of inward remittances that has been withheld by the regulator and requests by receivers for investigations into defunct Savings and Loans Companies and Microfinance institutions. In the first case, the Central Bank said following an emerging trend that it has observed over the last few years, it has since October 2020 submitted five separate requests to EOCO for investigations into claims of persons (individuals, businesses, and law firms acting on behalf of clients) who have persistently made claims on the BoG to the effect that certain large sums of money purportedly remitted to them by foreign counterparties through the banking system have been withheld by BoG. “These claimants often attached documentation alleged to be messaging from the SWIFT international funds transfer system, as proof of the receipt and retention of their funds by BoG”. It explained. “Following BoG’s preliminary investigations which have shown that these claims are fake, BoG has referred such matters to EOCO for further investigation. EOCO has made significant progress in these investigations and has initiated prosecution in some of these cases, while investigations in other cases continue”, it added. On the second case, the Bank of Ghana said, in its public notices in 2019 announcing the revocation licences of certain defunct Savings and Loans Companies, Finance Houses, and Microfinance Institutions, it cited a number of potentially criminal actions on the part of these institutions and their shareholders, directors or management, as the case may be. “Following further investigations into the failure of these institutions by the Receivers appointed by BoG, these cases were referred to EOCO for advice. EOCO has conducted independent investigations into a number of these cases as listed below and has made recommendations to the Attorney General’s Department for consideration and possible prosecution”, it pointed out. The firms include Ideal Finance, GN Savings and Loans, CDH Savings and Loans, Midland Savings and Loans, Legacy Capital Savings and Loans, FirsTrust Savings and Loans, Express Savings and Loans, IFS Savings and Loans, uniCredit Savings and Loans and Dream Finance Company. Others are Goldman Capital Microfinance, Dwadifo Adanfo Microfinance, CIG Microfinance, Adom Sika Microfinance, Nationwide Microfinance, Cypress Microfinance, Jorbies Microfinance, DPF Microfinance and FTS Capital Microfinance. The Central Bank further mentioned that “EOCO continues to work with the Attorney General’s Department towards speedy prosecutions of persons suspected to have been complicit in the failures of these institutions.” “In the meantime, EOCO has frozen and/or impounded some assets of such persons to help with reimbursements of the claimants of the defunct institutions”. It concluded, saying, the Central Bank will continue to deepen its collaboration with EOCO and other law enforcement Agencies in the country, to help promote financial integrity and trust and confidence in our banking system.

RECEIVER ANNOUNCES SALE OF 24 LANDED PROPERTIES OF COLLAPSED MICROFINANCE FIRMS

BOG | Matilda Akakpo | October 28, 2021 | Comment off

The Receiver for the collapsed 347 Microfinance Companies (“MFIs”) and the 23 Savings & Companies, Eric Nana Nipah, is in the process of selling another set of landed properties belonging to some of the defunct firms. Mr. Nipah had earlier in March 2021 announced the sale of some of the properties of the affected firms. At the moment, the Receiver is calling for bids from persons interested in acquiring any of the 24 advertised properties located in the Greater Accra, Central, Eastern and Bono East Regions. “Interested bidders who want to inspect the properties or have enquiries may visit the receivership website on http://www.ghreceiverships.com or contact the Receiver’s representative, Yvette Bourreau, on yvettebourreau@yahoo.com or 0559416841 to reserve an inspection appointment,” Mr. Nipah said in a statement. “Details of the condition for the sale of these properties are set out in a sales memorandum, which can be assessed on the website above,” the Receiver added. The Receiver in the statement added that all bids are to be submitted on or before 4pm on Friday, November 26, 2021. Interested bidders should submit their bids in a signed and dated formal letter to the following address: The ReceiverNo. 54 Olusegun Obasanjo High WayOpposite Accra Girls Senior High SchoolAccra Background Pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the Bank of Ghana on 31 May 2019 and 16 August 2019 revoked the operating licenses of 347 insolvent Microfinance Companies and 23 Savings & Loans and Finance House Companies respectively. Most of the affected firms according to the central bank were either insolvent or had folded up.

ATO ESSIEN BEGS TO REFUND ‘STOLEN’ MONEY

BOG | Matilda Akakpo | October 15, 2021 | Comment off

The Founder and Chief Executive Officer (CEO) of defunct Capital Bank, William Ato Essien, has renewed his plea to refund part of the monies he allegedly stole from the bank leading to its insolvency. His lawyers have once again written to the Office of the Attorney General to resume negotiations under Section 35 of the Court Act (Act 459, 1993) which allows an accused person who “admits the offence and is willing to offer compensation or make restitution and reparation for the loss, harm or damage caused.” This is the third time he has taken this step hoping to pay part of the monies as part of the effort to reduce the number of charges for which he is standing trial before an Accra High Court, together with two other persons who worked with him in the bank. Counsel’s Request Ato Essien was supposed to open his defence in the case yesterday, but appearing before the trial court, Baffour Gyau Bonsu Ashia who held the brief for Thaddeus Sory, counsel for Ato Essien, told the court that they have sent a letter to the prosecution to resume negotiation in making the refunds and have “received a response from the prosecution indicating their willingness to afford us the opportunity.” Counsel, therefore, prayed the court to give them the opportunity to resume their negotiations with the prosecution, suggesting that the court should give them about four weeks instead of the two weeks suggested by the prosecution. No Objection The prosecution led by Marina Appiah Opare, a Chief State Attorney, indicated that the prosecution received the request from Ato Essien to resume discussion and said the AG’s Department is not against any attempt to refund part of the money, and are willing to resume such a discussion. She, however, told the court that “the said discussion we hope should not take more than two weeks and therefore, if this court is minded to grant an adjournment, it should be two weeks.” Addo Attuah, counsel for Fitzgerald Odonkor, who is on trial alongside Ato Essien, on his part, told the court that although the issue at hand did not concern his client, he thinks the four weeks requested by counsel for Ato Essien is reasonable based on his personal experience with negotiations under Section 35 of the Courts Act. Court’s Ruling The court, presided over by Justice Eric Kyei Baffuor, a Court of Appeal judge sitting as an additional High Court judge, in his ruling, said he has considered the fact that Ato Essien was desirous of reaping the benefits of Section 35 of the Courts Act and has balanced it against the need not to needlessly delay the case in which he is supposed to open his defence. “Weighing these two competing interest and balancing same, I am of the view that not more than 20 days adjournment to enable the parties to conclude negotiations would be an apt time. If that is not achieved, no injustice at all would be occasioned the first accused if the trial were to resume while the parties attempt to conclude the negotiations.” He said the court will proceed with the trial on the next adjourned date even if the parties have not reached an agreement “in order not to breach the first accused person’s (Ato Essien’s) right to fair trial within a reasonable time as spelt out by the Constitution.” Justice Kyei Baffuor therefore adjourned the case to November 4, 2021, for continuation of the case. Meanwhile, the court has heard that Ato Essien was indisposed, which was why he was absent from yesterday’s court sitting. Main Trial Ato Essien alongside the defunct bank’s former Managing Director, Fitzgerald Odonkor, together with Tetteh Nettey, a former Managing Director of MC Management Service owned by Mr. Essien have been charged with 26 counts of conspiracy, stealing and money laundering. The three (3) are alleged to have misappropriated a total of GH¢620 million liquidity support given to the private bank by the Bank of Ghana (BoG), to enable it to service its maturing debts. The accused persons, according to the prosecution, opened various bank accounts with Capital Bank through which the GH¢620 million BoG liquidity support was transferred, while others were carried in jute bags, popularly known as ‘Ghana Must Go’, to Ato Essien. Another person, Kate Quartey-Papafio, CEO of Reroy Cables, who was facing three counts of conspiracy to steal, stealing and money laundering, was acquitted and discharged by the court for lack of evidence.

COURT DISMISSES ATO ESSIEN’S CASE – ORDERS HIM TO OPEN DEFENCE

Banks | Matilda Akakpo | August 2, 2021 | Comment off

The Commercial Division of the Accra High Court has dismissed an application by the Founder of the defunct Capital Bank, William Ato Essien, which sought to halt his trial pending a review of the court’s ruling against a submission of no case. The court, presided over by Justice Eric Kyei-Bafffour, a Justice of the Court of Appeal sitting as High Court judge, ruled last Thursday that the application for stay of proceedings did not demonstrate any exceptional circumstance for the court of halt the trial. Essien, together with Fitzgerald Odonkor, the Managing Director of the bank, and Tetteh Netrtey, the Managing Director of MC Management Services, a company said to be owned by Essien, have been accused of conniving to steal GH₵620 million liquidity support given to the defunct Capital Bank by the Bank of Ghana (BoG). They have pleaded not guilty to all the charges of stealing, abetment of stealing, conspiracy to steal and money laundering. No Case After the prosecution brought its case to a close, lawyers for the accused persons in June this year filed a submission of no case in line with Section 173 of the Criminal and Other Offences (Procedure) Act, 1960 (Act 30). However, the court on July 8, this year, ruled that the prosecution was able to establish a prima facie case against the accused persons, and, therefore, ordered them to open their defence. On July 22, 2020, counsel for Essien, Mr Baffour Gyawu Ashia Bansu, notified the court about the stay of proceedings pending his application for review at the Court of Appeal. Mr. Bonsu, who moved the motion in court, argued that exceptional circumstances exist in his client’s application because there was a “viable chance of the success” of his clients; appeal at the appellate court. “My Lord, what we are saying is that the grounds of appeal as contained in the application raises very serious and fundamental issues to be determined by the appellate court. “We are saying that exceptional circumstances exist in this particular instance, reason being that there is a viable chance of the success of applicant’s appeal,” counsel said. Application opposed A Chief State Attorney, Ms Marina Appiah Opare, however, opposed the application and urged the court to dismiss it, urged the court to dismiss it, arguing her position on three grounds. She said the appeal had no chance of success, that the applicant had not demonstrated any exceptional circumstance to warrant the grant of stay of proceedings, and then that the application for stay of proceedings, when granted, would delay the trial by affecting the other accused persons in the case. Justice Kyei-Baffour subsequently ruled that the applicant failed to demonstrate that further hearing of the suit would gravely infringe on his rights. “Besides, reading the application together with the affidavit, and examining the whole processes, the court can only state that the chance of success of the applicant at the appellate court is very bleak, and on that score I find no justification or compelling reason to grant this application. Same is declined,” he said. The court adjourned the case to October 14, 2021, for the accused persons to open their defence. Background Capital Bank was once of the first banks that collapsed after a clean-up of financial institutions started by the BoG in 2017. On August 14, 2017, its license and that of UT Bank were revoked after the BoG declared them insolvent. The BoG allowed the state-owned GCB Bank to acquire the two banks in order to protect depositors’ funds and also to enable them to stay afloat.

SALE OF VEHICLES AND CHATTELS OF PREMIUM BANK AND HERITAGE BANK GHANA LIMITED (ALL IN RECEIVERSHIP)

BOG | Matilda Akakpo | July 7, 2021 | Comment off

IN THE MATTER OF THE BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT 930) IN THE MATTER OF THE RECEIVERSHIP OF PREMIUM BANK GHANA LIMITED (IN RECEIVERSHIP) AND HERITAGE BANK GHANA LIMITED (IN RECEIVERSHIP) NOTICE TO THE GENERAL PUBLIC SALE OF VEHICLES AND CHATTELS OF PREMIUM BANK GHANA LIMITED (IN RECEIVERSHIP) (“PREMIUM”) AND HERITAGE BANK LIMITED (IN RECEIVERSHIP) (“HERITAGE”) Pursuant to section 123 (1) and section 16(1) (a) (7) and (8) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) (“the Act”), Bank of Ghana (“BoG”) on 4 January 2019 revoked the operating license of Premium and Heritage respectively and in accordance with Section 123(2) of the Act appointed Vish Ashiagbor, Director of PricewaterhouseCoopers Ghana Limited (“PwC”), as the Receiver for the purposes of winding down the affairs of Premium and Heritage. The Receiver wishes to inform the general public that he is requesting firm bids from potential buyers to acquire Premium and Heritage’s chattels located at Premium DR Warehouse, Plot LI 23A Tema Motorway Industrial Area, behind Sintex Polytank Industry, Spintex Road as well as the following vehicles located at former Head Office of Premium, No 5 2nd Ringway Estates, Osu-Accra: 2 Mitsubishi Pajeros (2016 Models) 1 Honda City (2017 Model) and 1 Toyota Hilux (2014 Model) Interested parties who want to inspect the chattels and motor vehicles or have enquires should kindly contact Naa Dzadzama Quao at PwC Tower, A4 Rangoon Lane, Cantonments, or call 0302761500. All bids are to be submitted on or before 4pm on Monday 19 July 2021. Interested bidders should submit their bids in a signed and dated formal letter to the following address: The Receiver Premium Bank (In Receivership) No 5 2nd Ringway Estates Osu, Accra The Receiver Heritage Bank (In Receivership) No 5 2nd Ringway Estates Osu, Accra Attention: Naa Dzadzama Quao SIGNED VISH ASHIAGBOR RECEIVER

GOVERNOR ADDISON EXPLAINS WHY BOG DECLINED PARLIAMENT’S INVITATION

BOG | Matilda Akakpo | June 23, 2021 | Comment off

Governor of the Bank of Ghana, Dr. Ernest Addison, has provided a detail response to the reason the Central Bank will not be appearing before a Parliamentary Committee to answer a petition by some shareholders of defunct UT Bank and unibank. According to him, one of the major reasons is to allow the legal proceedings to flow smoothly, since some of the shareholders have already slowed the process with many counter suits. Speaking at the Ghana Chamber of Commerce and Industries Business Forum, Dr. Addison said “running to parliament to seek redress for the revocation of an institution’s licence is not one of the processes laid down under the law for those who feel aggrieved by a licence revocation by the Bank of Ghana. There are already a number of actions filed in court and at arbitration by the same persons who run to parliament for cover up and the Bank of Ghana simple response to parliament is respectfully to allow the pending legal processes to run their course.” “Indeed sometimes in September 2018, the 7th Parliament undertook a formal inquiry into the financial sector clean up, the key factors that led to it and the manner in which it was carried out. Among other things to appear before it and to answer specific questions aimed at assisting the committee to understand the events surrounding the cleanup exercise. The Bank of Ghana cooperated fully with the committee and provided all the necessary information to assist its members reach their own conclusions”, he further noted. Dr. Addison explained that the Central Bank had hoped the committee would have made available its report to Parliament and the public after deliberations, but nothing was heard. He called for public support for the receivers to be able to retrieve all properties of the defunct financial firms, as well as the government, to recover the over ¢19 billion bailout fund used to settle depositors funds. The Governor also used the opportunity to request the Finance Committee of Parliament to make public its investigative report on the banking sector clean up exercise, which was conducted in 2018. Timing of banking cleanup apt The Governor also used the opportunity to clarify assertions that the timing of banking cleanup was not the best, saying, “the timing of the clean-up and reforms could not have been better, and there is no doubt in the minds of any well-meaning Ghanaian, of the criticality of the reforms in the banking sector in anchoring the economic transformation and re-vitalization agenda of the government.” Covid-19 regulator reliefs The Governor also said the COVID-19 related regulatory reliefs and policy measures have continued to support lending activities in the banking sector. However, in response to the crisis, Dr. Addison said there was substantial paying down of debt incurred before the crisis by the private sector in tandem with rapid growth in issuance of new loans. From the beginning of the year to April 2021, new advances totalled ¢10.5 billion, marginally lower than the advances of ¢10.9 billion during the same period in 2020. Due to weakened demand conditions, and the substantial paydown of debt (about GH¢36.0 billion in 2020 and GH¢15.0 billion during the first five months of 2021), Dr. Addison said annual growth in private sector credit was 6.9 percent as at April 2021, compared with 17.9% recorded in April 2020. It is expected that as the economic activity rebounds and lending rates drop further, private sector credit will pick up. Businesses must take advantage of new norms Dr. Addison also urged businesses to take advantage of demographics, values and changes in technology, and identify new opportunities. “The opportunities from the extent of digital penetration in Ghana must be identified with high level of internet subscribers and wireless subscribers. Technological innovation can for example enhance agricultural productivity through the use of GIS information to undertake precision farming. Technology such as digitisation of medical records and remote diagnosis of diseases also has potential for the health services sector. Indeed, the impact of technology in promoting financial inclusion using digital technology is another example of how technology can help create new opportunities”, he added. President of the Ghana Chamber of Commerce and Industries, Clement Osei Amoako in a speech expressed confidence that members of the business community are ready to support government’s economic revitalization programme. The theme for the forum was “Redefining business success “the path for business value, resilience and sustainability.”

BANKING SECTOR CLEAN UP: SOME CUSTOMERS YET TO RECEIVE THEIR MONEY – ERIC NIPAH

BOG | Matilda Akakpo | June 13, 2021 | Comment off

The Joint Receiver of the collapse Banks and Microfinance institutions has revealed that some customers are yet to receive their monies. According to Mr Eric Nipa, some customers sent in their claims late while others had no information to validate their claims because their institutions had already collapsed before the revocation of license. Hence, when the government released GH₵6.5billion, it was for the payment of depositors’ claims that had already been validated, he said. “When I was made, for example, receiver of the 347 microfinance institutions, there were 155 of this Microfinance which ceased to operate way before the revocation of their licenses, and so many of them do not have records, till this day we cannot locate those records.” “What typically happens in that situation is that within 90 days of the company being placed into receivership, you are supposed to have submitted your claims, based on which I would review, validate and approve these claims and then admit them,” the Director of PricewaterhouseCoopers (PwC) said. https://www.youtube.com/watch?v=6J5aErNPRBg&t=14s His comment comes after the Bank of Ghana revoked the class 1 banking licenses of nine banks, some microfinance institutions, and savings and loans companies during the financial sector clean-up. The move led to depositors’ funds being locked up. The Consolidated Bank Ghana (CBG) which is a merger of the collapsed banks was subsequently established. In 2020, the deputy Finance Minister said that more than 96% of depositors who had their monies locked-up from the banking sector clean-up “have been paid in full.” Charles Adu Boahen said 20% of the monies were paid in cash while 80% was paid in bonds. “The bonds were structured to pay out over four years,” he told MPs during the debate on the mid-year Budget Review in Parliament on July 28, 2020. But speaking on JoyNews, Mr. Nipa told Samson Lardy Anyenini, on Newsfile, that there is currently an excess of over GH₵1 billion that needs to be paid to depositors who submitted their claims after the deadline on July 4th 2020. He explained that he does not have the money to pay the depositors, however, he is putting together a report to the Bank of Ghana and the Ministry of Finance to consider supplementary payment. The PwC Director said that the payment of the funds, financed by the government, is part of the bailout scheme it set up to help clean the banking sector. Meanwhile, the Finance Minister Ken Ofori-Atta, in March 2020 revealed that the banking sector cleanup saved about 4.5 million customers of affected institutions from losing their deposits. He, however, revealed that a total of GH₵ 21billion was spent on the exercise. “We think we have done the best that the country deserves and the results show that we have a much stronger banking sector now than we had in 2017,” he said.

Author: Matilda Akakpo