Finance Minister instructs Controller & Accountant-General to effect payment of GHC700m first tranche in asset mgt bailout

The Minister of Finance Dr Mohammed Amin Adam has said he has instructed the Controller and Accountant-General to release the funds to mitigate the stress on affected persons in the asset management bailout.

Dr Amin Adam announced that the Finance Ministry has processed the release for the first tranche GH¢700 million of the additional GH¢ 1.5 billion for the Securities and Exchange Commission (SEC) to further bailout the remaining Asset Management Companies (AMCs) including Blackshield Fund Mgt Ltd.

The government had indicated in the 2024 Mid-Year Review of Fiscal Policy presented in July 2024 that cabinet had granted approval for the disbursement of an additional GH¢1.5 billion to provide relief and bailout for those whose funds have been locked up in the Fund Management companies.

Addressing a press conference in Accra on Thursday Augist 29, Dr Amin Adam said that “I am glad to inform you that the Ministry of Finance has processed the release for the first tranche GH¢700 million of the additional GH¢ 1.5 billion for SEC to further bailout the remaining AMCs including Blackshield Fund Mgt Ltd. Yesterday, I instructed the Controller and Accountant-General to release the funds to mitigate the stress on affected persons.”

The GHS1.5 billion will be released in three tranches, he said.

This amount will bring the number of investors to be fully settled under Blackshield to 82,096 representing 92% and 12, 069 representing 78% of the rest of the Fund Management Companies (FMCs).

This would bring the total number of investors fully settled under the bailout scheme to 94,165 (representing 90%) out of the total validated claims of 105,178.

“This intervention is being done despite the tight fiscal space, evident of Government’s commitment to provide relief to investors of the defunct AMCs especially the pensioners,” Dr Amin Adam said.

Full text: Finance Minister’s press conference held on Thursday August 29

The post Finance Minister instructs Controller & Accountant-General to effect payment of GHC700m first tranche in asset mgt bailout first appeared on 3News.

Read Full Story