Minister of Finance Dr. Muhammad Amin Adam
Minister of Finance, Dr. Mohamed Amin Adam, described the allocation of 1.5 billion pounds to customers and those affected by the banking sector purge process as an indication of the government’s interest and understanding of the plight of the individuals who were affected. The cleaning process is affected.
According to him, the amount will be used to compensate people affected by the cleanup.
The funds will be released to affected clients from June to October 2024 based on the directives of President Akufo-Addo.
The Minister of Finance stressed that the government is not responsible for the financial decisions made by its citizens. As such, the government is not mandated to pay compensation for the loss of money due to individuals’ financial choices. The money released by the government only means that the government cares about the affected people.
“The question about the funds withheld, we will pay. We do not bear responsibility as a government because when people decide to invest in one bond or one instrument or another, the government is not consulted. It is an individual decision.” When you invest, you know that you can make returns or you can also lose.
“Even as a government, when we invest in Eurobonds, the market is volatile. We lose and we gain, and when we lose, we do not blame America or Britain for the loss. We advise before we invest. So, it is important for us to lay this foundation that the government will not “But this government is very interested,” Dr. Amin Adam said during an open meeting in the United Kingdom.
He went on to explain why the government’s gesture to the affected people is a show of love.
“This government is so concerned that in the first place, we have given some rescue plans to all those affected, and I want to tell you again that the President has directed us to do another rescue plan.
“Therefore, between now and October, we will release £1.5 billion Ghana cedi to affected people,” the Finance Minister stated.
“It will not be the entire amount,” he added. The total amount is 4 billion pounds, but we are presenting the roadmap. We will allocate £1.5 billion and, God willing, Dr. Bawumia will come in as president and we will do the rest. But as we do that, we’ll also warn you that just as we have responsible banks, we also have bad ones. You will say that regulators should make sure that we do not have bad banks, but in every house, there is a mansah. So, we also have to pay attention. Let us study and evaluate them and seek advice from financial advisors before we invest and determine the size of the investment.
Ian/Ma
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