Finance Minister Ken Ofori-Atta says a total amount of 787 million cedis hit the accounts of customers of defunct financial institutions as at March 5.

He made this statement while updating parliament on the financial sector cleanup.

According to the finance minister “the total amount paid as at March 5, 202 to depositors of the failed MFIs, MCCs and S/Ls is GH¢787 million”.

This payment is in response to President Akufo-Addo’s directive of refunding monies to investors in full.

Out of the total 787 cedis millions used to settle customers by first week of March, 166 million cedis went to 581 depositors of social organizations and welfare.

174 Savings & Loans, Microfinance Institutions, Rural Banks, Finance Houses received 140 million cedis.

The rest of the funds were shared amongst individual investors, corporates and financial institutions.

Akufo Addo at SONA 2020

President Nana Addo Dankwa Akuffo-Addo in his 4th State of the Nation Address said his government has made arrangements to pay all depositors of failed financial institutions, including DKM.

President Akufo-Addo announced that the government had made available an extra GH¢5 billion to pay affected depositors of failed financial institutions “a 100% of their deposits”.

Payments are to be done once the process to validate all the claims are completed, President Akufo-Addo said.

In a surprise move, the President also said that depositors affected by the demise of DKM, a microfinance company whose failure was registered under the previous administration, will be paid in full after the validation of their claims.