President Akufo-Addo has assured customers of the collapsed banks and microfinance institutions that their investments will be paid in full.

According to him, the Finance Ministry and the Central Bank are working together to disburse the funds.

“Thus far, the Ministry of Finance and the Bank of Ghana have worked together to guarantee payments of 100% of deposits of customers of the failed banks which is being done. I have directed the Ministry of Finance to work with the Bank of Ghana to ensure that same applies to customers of microfinance and Savings and Loans Companies whose licenses have been revoked.

“We have had to take painful but necessary measures to sanitize and save the banking system. A process which I know has brought discomfort to many a household. It is worthy to note however that the jobs of some 6500 workers were saved as a result instead of the 10,000 that could have been lost. In addition to the protection of funds of 4.6 million depositors,” the President said in a Christmas message to Ghanaians.

He added: “Investigations into potential criminal conduct are proceeding. As it appears, there has been a massive diversion of assets of these financial institutions. I assure you that the outcome of these inquiries will be made known very soon as well as actions taken to bring those responsible to book”.

In November the Exchange and Securities Commission directed customers of the failed finance houses to go and validate their documents with the newly created CBG.