Paying customers of collapsed firms not for votes – Bantama MP

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The Member of Parliament for the Bantama constituency in the Ashanti region, Daniel Okyem Aboagye, has refuted claims that the decision to pay depositors of collapsed banks and Microfinance institutions ahead of the December polls is for votes.

According to Mr Okyem Aboagye, government failed to pay depositors earlier because there were funds to settle them.

Government has released an amount of GHC3.5 billion to pay depositors of banks and microfinance which were collapsed beginning today Wednesday September 16,2020.

“Notice is hereby given that with effect from Wednesday 16 September 2020, affected depositors may contact any branch of Consolidated Bank Ghana Ltd (“CBG”) the paying bank to access their newly created Cash accounts which were originally designated as Commercial Paper (Bond) accounts at the bank,” a statement from the Receiver said Tuesday.

It added: “The implication of the above is that depositors who have either received or are due Commercial Paper in partial satisfaction of their claims will now receive CASH payments at no discount for the Commercial Paper they have either received or is due to them. Please note that depositors who have already discounted all or part of their Commercial Paper will receive a full refund in cash of the discount they suffered.”

Until this week, the government had maintained it did not have funds to settle the debts resorting to the use of bonds to offset them within five years.

The NDC in their manifesto pledged to settle all debts if it returns to power after the December polls.

But speaking on Morning Starr, Mr Okyem Aboagye said government had already plans to pay depositors adding that the decision is not because of the NDC promise.

“Government decided to pay cash, not because of NDC but because we are working. Part of the reasons why government couldn’t pay everyone because we were looking for funds. It wasn’t as if government didn’t want to pay. Government didn’t have money to pay,” Mr Okyem Aboagye said.