The Minister of Finance, Mohammed Amin Adam, has hinted of plans by the government to disburse a sum of GHC1.5billion as bailout for customers of defunct fund management company Blackshield Capital Limited.

He said the amount would be released this month, with regulators expected to play their part to ensure smooth disbursement of the funds.

Speaking at the Greater Accra Regional Town Hall Meeting organised by the Information Ministry, Dr. Amin Adam, however, advised Ghanaians to make wise investment decisions.

“It is important I explain this. You cannot say you’ve decided to invest your money here, it didn’t come out the way you wanted, so government should come and take up the debt. It doesn’t work that way,” he said.

“But our government has been so sensitive to the plight of the people of Ghana, especially those who were affected by this…so because of that, the government said this month, August, it has decided to provide another bailout and therefore we are going to disburse GHC1.5 billion to those who were affected,” he added.

The government has allocated a total of GHC4 billion in the 2024 budget to pay the locked-up funds of customers of failed Asset Management Companies (AMCs).

The money would be paid to depositors of AMCs, including the Blackshield Company Limited, which have been able to validate their investment documents with the Security and Exchange Commission (SEC).

The money will be the remainder of the GHC8.9 billion locked-up funds of AMCs as a result of the clean-up in the banking sector. Those who are to receive payment are those whose locked-up investments are GHC50,000 and over.

In 2020, the government allocated GHC3.1 billion, and paid all the GHC3.1 billion to depositors. In 2021, an amount of GH¢5.5 billion was approved for SEC, but the government paid GHC1.36 billion, leaving a shortfall of a little over GHC4.1 billion.

Additionally, Dr. Amin Adam provided an in-depth analysis of the government’s economic interventions.

He disclosed that the economy had grown by $20 billion under the Akufo-Addo/Bawumia administration as of December 2023.

He explained that, in 2013, under Mahama’s administration, the size of the economy was pegged at $64 billion, but reduced to $56 billion in 2016.

He stated that as of 2023 the size of the Ghanaian economy had increased to $76 billion, “so in nominal terms the economy has grown by $20 billion under Akufo-Addo’s government”.

He said even in the wake of global economic crisis, government was putting measures in place to rebound the Ghanaian economy.

“Despite the global economic challenges, our administration has managed to stabilize the local currency, reduce inflation, and achieve a trade surplus. We are projecting a growth rate of 3.4% by the end of 2024, a testament to our resilient economic strategies,” Dr. Amin Adam emphasized.

Opening the forum, the Minister of Information, Fatimatu Abubakar, said the town hall meetings are part of government strategy to account to Ghanaians about what it had been able to achieve in the past seven and half years.

“Our goal is to create a government that listens, responds, and acts in the best interest of its people. These town hall meetings are a step towards achieving that vision. We are building a future where every Ghanaian feels included and empowered to contribute to our nation’s growth,” she said.

She said in the next few weeks, the Ministry would visit the remaining 15 regions, to further engage citizens,  and collate feedback on government projects and policies to aid government in the delivery of its projects.