The Receiver for some 347 collapsed microfinance companies, 23 savings and loans firms and some finance houses, Mr Eric Nipah, has disclosed that 95 per cent of clients of the dead firms would be paid their full deposits before the end of 2019.

Mr Nipah said: "We should be in the position, by December, to have paid 95 per cent of the customers their full amount of money".

He, however, noted that they can pay 90 per cent of the clients for the 23 collapsed savings and loans firms by the same date.

"We are on course, come December, to pay approximately ninety per cent of the depositors their total amount due them," he told Emmanuel Oscar Ugoh, a freelancer.

The Partner at consulting firm PwC, revealed that the processing of the claims is ongoing at 96 operating branches out of the 675 branches that existed before the closure of some offices.

According to him, the claimants – individuals, financial institutions and social organisations – will be reimbursed using funds from the GHS 835million provided by the government for that purpose as well as the proceeds realised from the sale of assets of the collapsed financial firms.

The Bank of Ghana (BoG) revoked the licences of the insolvent firms including GN Savings and Loans belonging to businessman Dr Papa Kwesi Nduom on Friday, 16 August 2019.

BoG further appointed Mr Nipah as the Receiver for the specified institutions in line with section 123 (2) of Act 930.