Banking Sector Crisis: Finance Minister hints depositors will be paid in full by end of 2020

The Minister for Finance, Ken Ofori-Atta has hinted that customers of the various defunct financial institutions will be paid their deposits in full, by the end of 2020.

Answering a question on governmnent’s intentions to resolve the issue by Samson Lardy Anyenini on Newsfile, Saturday, Mr. Ofori-Atta said, “right now from our assessment, I think we have a GH¢16.28billion [target], we have done about GH¢12billion and we have GH¢4bilion that we have to do. With that as I mentioned, I have about GH¢1 billion somewhere and then I can also add some paper to that.”

The discussion followed an earlier message by President Akufo Addo that he had directed the Ministry of Finance and Bank of Ghana to work together to ensure 100% payments are made to depositors.

“We’ve 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.

“The country is by no means out of the woods yet, but there is a growing sense of confidence that with hard work and determination, Ghana will make it, and collectively, we will secure our future.

“Thus far, I have directed the Ministry of Finance to work with the Bank of Ghana to pay back depositors in full and to ensure that same applies to customers of microfinance and savings and loans companies whose licences have been revoked,” the President had said in his 2019 Christmas message

Asked if the payment will still be made, the Finance Minister said, “I don’t know what the President has promised that has not happened. It has to happen.”

He acknowledged that though the task is herculean in nature, “it leads to our realisation of how we should be more circumspect as a country, as investors as individuals and that’s just a painful lesson,” he added.