Financial sector clean-up: GH¢1.5bn allocation to affected customers means government cares – Amin Adam

The Minister of Finance, Dr. Mohammed Amin Adam, has described the allocation of a sum of GH¢1.5 billion to clients and persons affected by the banking sector clean-up as an indication that the government cares and understands the plight of individuals who were impacted by the clean-up.

According to him, the amount will be used to compensate and cushion persons who were affected by the clean-up.

The funds will be released to affected customers from June to October 2024 following a directive by President Akufo-Addo.

The finance minister maintained that the government is not responsible for financial decisions made by its citizens. As such, the government is not mandated to pay for the loss of funds due to the financial choices of individuals. The funds released by the government only signify that the government cares for affected persons.

“The question on the money locked up, we are going to pay. We do not take responsibility as a government because when people decide to invest in one bond or one instrument or another, the government is not consulted. It is an individual decision. When you are investing, you know you can make returns or you can also lose.

“Even as a government, when we invest in euro bonds, the market is volatile. We lose, we gain and when we lose, we don’t blame America or Britain for losing. We are advised before we invest. So, it is important for us to establish that foundation that the government will not be held responsible for the investment decisions of individuals. But this government is so caring,” Dr. Amin Adam said during a town hall meeting in the UK.

He continued to explain why the government’s gesture to affected persons is a display of love.

“This government is so caring that in the first place, we granted some bailout to all the affected and I want to tell you again that the President has directed that we do another bailout.

“So, between now and October, we will release GH¢1.5 billion Ghana Cedis to the affected people,” the finance minister stated.

He added, “This will not be the entire amount. The entire amount is GH¢4 billion, but we are showing the roadmap. We will do the GH¢ 1.5 billion and, Insha Allah, Dr. Bawumia will come as the president and we will do the rest. But as we do this, we will also be cautioning you that just as we have responsible banks, we also have bad banks. You will say that the regulators must ensure we don’t have bad banks, but in every house, there is a Mensah. So, we also have to watch out. Let’s study them, let’s assess them, seek advice from financial advisors before we invest and determine how much to invest.”