President Akufo-Addo has disclosed that the Receivers of collapsed banks and microfinance institutions will from Monday, February 24 start paying depositors who have had their monies locked up due to the financial sector clean-up.
He said government is mobilizing GH¢13 billion to pay the customers of these financial institutions.
“We inherited a collapsing financial sector. The government is having to conjure up GH¢13 billion to pay the customers of those institutions. This is money we can ill-afford”
“We will hold all those responsible for the collapse of the financial institutions to account, a process that has already started,” Akufo-Addo said.
President Akufo-Addo said this on the floor of parliament when he made the State of the Nation Address in Accra on February 20.
This year’s State of the Nation Address is Akufo-Addo’s fourth after becoming President.
His address is in accordance with Article 67 of the 1992 Constitution of the Republic of Ghana and the Standing Orders of the Parliament of Ghana.
The address is an avenue for the President to brief Ghanaians on the government’s progress in all sectors of the economy.