Customers threaten protests if money from failed company not released

Customers threaten protests if money from failed company not released

- Customers of collapsed micro-finance institutions have given the Ghanian government two weeks to release deposits currently being held

- According to them, failure to do so would result in a demonstration by the members

- They added that the government has refused to implement measures to ensure the release of their cash after the banking sector clean-up

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

The Ghanaian Coalition of Aggrieved Customers has called on the government to ensure that their deposits are released in a maximum of two weeks.

According to them, they would have no option than to embark on a demonstration if their demands are not met.

The group indicated that the government has refused to implement measures to ensure the payment of deposits to their customers following the financial sector clean-up.

Customers of collapsed microfinance businesses give gov’t 2 weeks to release locked up cash

Source: citibusinessnews.com
Source: UGC

READ ALSO: Coronavirus: African countries have lost millions in 2 months – IATA

In an address to the media, the coalition’s public relations officer, Charles Nyame, stated that the government has till Tuesday, 24 March to settle all outstanding payments.

In 2019, the Securities and Exchange Commission (SEC) revoked the licences of 53 fund management companies.

This, as per a citibusinessnews.com report, was as a result of a series of regulatory breaches discovered with regard to their operations.

The information available shows that the companies affected by the SEC's decision were managing over GHC8 billion (R23 billion) in assets.

It has been established that some of the collapsed fund management companies had locked up funds in savings and loans, as well as other financial institutions that were shut down by the Bank of Ghana (BoG).

As a result, they were therefore not in the position to meet demands for funds by investors.

READ ALSO: Reports show African start-ups raised close to $2 billion in 2019

In other news, Briefly.co.za reported that the South African Rand is currently trading at a 40-year-low against the US Dollar on Monday amid global trade uncertainty.

We explore the factors behind this concerning plunge in the value of Mzansi's currency.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Mailfire view pixel