The Minister of Finance, Dr. Mohammed Amin Adamu, said the allocation of 1.5 billion cedis to customers and individuals affected by the cleansing of the banking sector is a sign that government cares and understands the plight of individuals affected by the cleansing.
He said the amount would be used to provide compensation and relief to those affected by the cleanup operation.
The funds will be distributed to affected customers between June and October 2024, in line with President Akufo-Addo’s directive.
The finance minister argued that the government is not responsible for the financial decisions of its citizens. Therefore, the government is not obliged to compensate individuals for the loss of funds due to their financial choices. The funds provided by the government are merely a sign that the government cares about those affected.
“We will pay for the issue of funds being locked out. We are not responsible as a government because when people decide to invest in bonds or financial instruments, the government is not consulted. It is an individual decision. When you invest, you know that you may make a profit or you may incur a loss.
“Even as a government, if you invest in Eurobonds, the market is volatile. If you lose, if you gain, if you lose, you don’t blame the US or the UK. You get advice before you invest. So it’s important to establish a foundation where the government is not responsible for individuals’ investment decisions. But this government is very compassionate,” Dr Amin Adam said at a town hall meeting in the UK.
He explained why the government’s response to the disaster victims is an expression of love.
“This government has been very compassionate and, first of all, has given some relief to all those affected and I want to reiterate that the president has directed that further relief be given.”
“We will therefore provide 1.5 billion Ghana cedis to those affected between now and October,” the finance minister said.
He added, “This is not the full amount. The full amount is 4 billion cedis but we are giving a roadmap. We will implement 1.5 billion cedis and, with God’s blessing, Dr. Bawumia will be President and we will do the rest. But in doing so, I would like to caution you that just as there are responsible banks, there are also bad banks. Regulators will say we must ensure that there are no bad banks but there is a Mensa in every home. So we must be careful. Before you invest, research the Mensa, evaluate it, seek advice from your financial advisor and decide how much to invest.”
EAN/MA
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