The Securities and Exchange Commission (SEC) has announced a timetable for the release of locked-up funds of investors from failed fund management companies whose licenses were revoked in November 2019.
A statement from the SEC dated September 12, 2024, indicated that the government, through the Ministry of Finance, has approved the release of GH₵ 1.5 billion as part of a bailout program for the affected investors.
The total amount of GH₵ 1.5 billion will be disbursed in three tranches: the first tranche of GH₵ 700 million is set to be released in August 2024, followed by GH₵ 400 million each in October 2024 and December 2024.
This initiative aims to provide financial relief to investors who have been impacted by the collapse of these fund management companies.
The SEC’s announcement comes after significant public concern regarding the fate of investors who lost their funds due to the revocation of licenses from 53 fund management companies.
The government’s commitment to this bailout program is seen as a crucial step in restoring confidence in the financial sector and addressing the grievances of affected investors.
