President Nana Akufo-Addo has announced payment of customers of failed Savings and Loans and Microfinance Institutions will begin on Monday, February 24, 2020.

Addressing Parliament on the 2020 State of the Nation, President Akufo-Addo disclosed funds have been set aside to pay all depositors of collapsed banks once validation exercise is concluded.

“I am informed that the receiver of the Savings and Loans and the Micro-finance Institution will on Monday, February 24, 2020 make payments to their customers, with an amount totaling GH¢ 5 billion, in addition to the GH¢ 13 billion being paid to the customers of the failed banks,” he announced.


That said, he assured Ghanaians processes were underway to hold accountable administration and management responsible for the collapse of the financial institutions.

He, therefore, cautioned Ghanaians not to fall prey to institutions who give unrealistic interest rates on deposits.

President Akufo-Addo reiterated the banking sector cleanup was a healthy course as the finance sector is now “well capitalised, better managed, sound and liquid.”