- Finance Minister warns of bad banks and financial institutions.
- GHS1.5 billion earmarked for compensation to affected individuals.
- Government won't take responsibility for individual investment losses.
- Public advised to be cautious and seek financial advice.
Finance Minister Dr. Mohammed Amin Adam has warned the public to be cautious of unscrupulous banks and financial institutions. He emphasized that just as there are responsible banks, there are also bad ones that can swindle people.
The government has earmarked GHS1.5 billion to pay initial compensation to those affected by the banking sector cleanup exercise from now to October. Dr. Amin Adam stated that the government will not take responsibility for individual investment decisions.
He explained that investing in bonds or instruments is an individual decision, and individuals must be aware of the risks involved. The government will not be held responsible for losses incurred from individual investments.
However, the government is showing compassion by providing a bailout to affected individuals. Some people have suffered greatly, and others have even died or committed suicide due to their losses. The President has directed that an additional bailout be provided to the affected individuals.
The government will release GHS1.5 billion to the affected people between now and October. This amount is part of the total GHS4 billion bailout package. Dr. Amin Adam cautioned the public to be wary of bad banks and to seek financial advice before investing.
