The Consolidated Bank Ghana (CBG) has clarified how customers of collapsed financial institutions can access their cash and bonds, following the government's decision to pay the affected customers.
It will be recalled that the Government provided a combination of cash and bonds totalling GHS5, 000,000,000.00) to pay depositors of the collapsed financial institutions.
A statement from CBG copied to the Ghana News Agency on Monday said at the direction of the receiver of the defunct Microfinance Institutions and Savings and Loans companies, the bank almost concluded paying affected customers of the defunct institutions the cash component of their validated investments.
For customers whose deposits exceed the cash payment threshold as advised by the receiver, the statement said, a special account was opened to hold the balance payable.
Also, funds in excess of the cut-off for cash payment would be held in special holding accounts opened for the depositors and paid in equal instalments every six months over a five-year period after the initial payment is made in March 2021, the statement said.
"The Bank has established a mechanism for those depositors who wish to obtain cash ahead of the liquidation schedule to discount those expected cashflows with the bank at a competitive rate," it said.
Mr Daniel Wilson Addo, the Managing Director of the Bank, pledged the commitment of CBG to play its role professionally and in its usual customer centric approach to business.
He gave an assurance to the depositors of the defunct financial institutions that the bank would soon publish the modalities involved to all concerned.
He advised customers to call 0302216000 or send mail to firstname.lastname@example.org for all enquiries.
He urged everyone to observe the various safety protocols given by the Ghana Health Service and government to control the spread of the novel Coronavirus disease (COVID-19).