In a recent town hall meeting in the United Kingdom, Finance Minister Dr. Mohammed Amin Adam revealed that the government will release GHS1.5 billion to compensate individuals affected by the banking sector cleanup. The funds will be distributed from now until October.
Dr. Adam emphasized that although the government is not responsible for individuals’ investment decisions, it aims to support those impacted by the sector’s restructuring. “The question on the money locked out, we are going to pay. We do not take responsibility as a government because when people decide to invest in one bond or one instrument or another government is not consulted, it is an individual decision and when you are investing you know you can make your returns or you can also lose,” he stated.
He drew parallels with government investments in volatile markets, noting, “Even, as a government when we invest in euro bonds the market is volatile, we lose, we gain and when we lose we don’t blame America or Britain for losing, we are advised before we invest so it is important for us to establish that foundation that the government will not be held responsible for the investment decisions of individuals but this government is so caring.”
Acknowledging the distress faced by affected investors, Dr.Adam pointed out that mistakes were made and that people were not well-informed about where to seek advice. He acknowledged the severe consequences, including reported deaths and suicides among the affected.
“This government is so caring that in the first place, we granted some bailout to all the affected and I want to tell you again that the President has directed that we do another bailout,” Dr. Adam affirmed. “So between now and October, we will release 1.5 billion Ghana Cedis to the affected people,” he concluded.
