To support clients affected by the clearing out of the banking industry, President Nana Akufo-Addo has directed the Finance Ministry to distribute ¢1.5 billion.
Dr. Mohammed Amin Adam, the finance minister, disclosed this decision over the weekend at a UK Town Hall meeting.
Dr. Amin Adam emphasised that the payment must be finished by October, demonstrating the government’s commitment to the well-being of Ghanaians. He made the point that although people are usually in charge of their financial decisions, the government recognises the particular circumstances and the suffering of those who are impacted.
“Ideally, the government shouldn’t be held accountable for the financial decisions made by individuals, but this administration is incredibly compassionate. People were ignorant, and mistakes were made. They were unsure of whom to turn to for guidance, but we also know that those who are impacted are in pain. Dr. Amin Adam said, “We’ve heard that some people have passed away and that others were forced to commit suicide.
He added that this is not the first time the government has stepped in to offer assistance. “This government is so compassionate that we initially provided a bailout to everyone who was impacted. I would want to reiterate that we are gonna undertake another bailout at the President’s direction. Therefore, we will provide the impacted people 1.5 billion Ghana Cedis between now and October,” he continued.
Dr. Amin Adam also revealed that Ghana’s debt restructuring programme with its official creditors was successfully completed. The Karaga Member of Parliament emphasised that the government has successfully restructured its $5.1 billion debt with these creditors and has finished restructuring its $13.1 billion debt with holders of Eurobonds.
This initiative is expected to provide much-needed relief to those affected by the banking sector clean-up and demonstrates the government’s ongoing commitment to addressing the financial challenges faced by its citizens.
Source: myjoyonline
