Ghana or­ders pay­ments to failed banks’ de­pos­i­tors

The Punch - - PERSONAL BANKING -

GHANA’S Pres­i­dent, nana Akufo-addo has asked the nec­es­sary stake­hold­ers re­spon­si­ble for the pay­ment of the funds be­long­ing to de­pos­i­tors of failed fi­nan­cial in­sti­tu­tions to re­fund their money, www.pulse.ng re­ported.

While de­liv­er­ing his Christ­mas and new Year mes­sage, Akuffo-addo said the Min­istry of Fi­nance was to work handin-hand with the Bank of Ghana, to en­sure a 100 per cent pay­ment of de­pos­i­tors of failed banks, mi­cro­fi­nance, and sav­ings and loan com­pa­nies whose li­censes had been re­voked.

He added that, the de­ci­sion to sani­tise the bank­ing sys­tem was a painful one and that it was very nec­es­sary for such a mea­sure to be put in place to safe­guard the funds of 4.6 mil­lion de­pos­i­tors.

“We have had to take painful but nec­es­sary mea­sures, to sani­tise and save the bank­ing sys­tem, a process which I know has brought dis­com­fort to many a house­hold.”

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