Government Disburses GH₵700 Million to Aid Customers of Failed Fund Management Firms1 min read

Dr. Mohammed Amin Adam, the Minister of Finance, has announced the disbursement of GH₵700 million to individuals whose investments are tied up in collapsed fund management companies. This sum is the initial part of a GH₵1.5 billion fund allocated in the 2024 mid-year budget review to support those impacted by these failures.

In an economic update held at the Finance Ministry on August 29, Dr. Amin Adam revealed that the funds will be distributed in three phases.

The first GH₵700 million has been allocated to the Securities and Exchange Commission (SEC) to manage the disbursement to affected customers.

The remaining GH₵800 million will be distributed in two subsequent phases. Dr. Amin Adam underscored that this financial relief aims to ease the burden on those affected and provide essential support during this challenging time.

“I am pleased to announce that the Ministry of Finance has completed the processing of the first tranche of GH₵700 million, which has been allocated to the SEC for distribution to impacted customers, including those from Black Shield Funds Management,” said Dr. Amin Adam. “This initiative is part of our broader plan to release the full GH₵1.5 billion in three installments to alleviate the financial strain on affected individuals.”