Finance Minister Dr. Mohammed Amin Adam stated that Vice President Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), will be responsible for settling the remaining compensation for those impacted by the banking sector cleanup exercise if he emerges victorious in this year’s general elections to assume the presidency.
Dr Amin Adam disclosed that the government had allocated GHS1.5 billion to cover the initial compensation payments for affected individuals from now until October, with a total of GHS 4 billion needed for the entire compensation disbursement.
Responding to inquiries at a town hall meeting in the United Kingdom during the weekend, he made this declaration.
The question on the money locked out, 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 government is not consulted, it is an individual decision and when you are investing you know you can make your 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 we need to establish that foundation that the government will not be held responsible for the investment decisions of individuals but this government is so caring.
Mistakes were made and people were not well-informed, maybe they didn’t know who to consult to be advised, but we also know that the people who are affected are suffering, and we have heard that some people have died and others had to commit suicide.
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 1.5 billion Ghana Cedis to the affected people.
This will not be the entire amount, the entire amount is GHS4 billion but we are showing the roadmap, we will do the GHS1.5 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 advise of financial advisors before we decide where we invest and how much to invest.
