Vice President Dr Mahamudu Bawumia stated that the Ministry of Finance is organizing to compensate clients of companies that the Securities and Exchange Commission (SEC) disbanded as part of the efforts to clean up the financial sector.<\/p>\n
According to Vice President Dr Mahamudu Bawumia, the Ministry of Finance would pay back customers of financial institutions that the Securities and Exchange Commission (SEC) dissolved as part of the financial sector clean-up in the coming days.<\/p>\n
The Vice President claims the action is intended to protect impacted investors while maintaining accountability and transparency in the financial system.<\/p>\n
The Finance Minister appears to be anticipating paying some of the collapsed companies’ clients.<\/p>\n
“We have it on our agenda, and I think the Ministry of Finance will have a look at Gold Coast Securities and other companies. Speaking to professional associations in Kumasi, Dr Bawumia stated, “We have engaged the affected customers, and we look forward to the payments.”<\/p>\n
The Vice President clarified, however, that the money to be given to the impacted investors is being paid out of pity because the government is not obligated to make such payments.<\/p>\n
“Technically, the government has no responsibility, but the minister will make some of these payments out of compassion and understanding for the people who invested in some of these institutions.”<\/p>\n
Under the direction of Finance Minister Ken Ofori-Atta, the government started the banking industry’s clean-up in 2017.<\/p>\n
During the procedure, the number of banks was reduced from 34 to 23, and the licences of 347 microfinance organizations, 15 savings and loans, and 8 finance houses were withdrawn.<\/p>\n
There were discovered to be varied degrees of corporate governance violations at several of the institutions whose licenses were terminated.<\/p>\n