President Akufo-Addo has directed the Finance Ministry to release ¢1.5 billion to support customers affected by the banking sector clean-up. This announcement was made by Finance Minister Dr. Mohammed Amin Adam during a UK Town Hall meeting over the weekend.
Dr. Adam stressed that the disbursement, which aims to prioritize citizens’ welfare, will be completed by October. He acknowledged that while individuals are responsible for their investment choices, the government recognizes the suffering of those impacted by the banking sector issues, including reports of deaths and suicides.
“The government shouldn’t typically be held accountable for individual investment decisions, but we are committed to showing care and support,” Dr. Adam stated. “We know mistakes were made, people were uninformed, and didn’t know who to consult. We’ve heard of the severe consequences faced by those affected.”
He continued, “This caring government has already provided some bailouts to those impacted, and now, as directed by the President, we will release an additional ¢1.5 billion by October to further assist.”
Dr. Adam reiterated that while the government generally isn’t responsible for individual investment decisions, it is taking extraordinary measures to offer support during this crisis.
In related news, the Finance Ministry announced the completion of the domestic debt restructuring. According to Dr. Adam, who is also the Member of Parliament for Karaga, the government has successfully restructured $5.1 billion in domestic debt and concluded the restructuring of $13.1 billion with Eurobond holders.
