Finance Minister, Ken Ofori Atta, in a press conference in Accra on Monday, December 5, 2022, has call on the public not to withdraw their finances from banks and various savings and loans institutions.
This is as a result based on reports that some customers of Databank and Ecobank have lost hundreds of cedis on their investments which has to an extreme affected their initial deposits.
Several Ghanaians have thronged their various financial institutions to withdraw their savings and investments to avoid losing both their principal and interests.
Other’s have also pointed out that Ecobank has been utilizing the mark-to-market methodology, which allows consumers to mark the value of their returns and applies to all financial institutions in the nation.
This action was not intentional; rather, the Securities and Exchange Commission instructed banks to apply the Mark-to-Market approach.
Reacting to this at a press conference in Accra the Minister of Finance, Ken Ofori-Atta, has said there was no need for customers to withdraw their monies from banks and savings and loan institutions.
According to him Financial stability fund has been established by government to ensure that depositors’ funds are secured.
“There is no need to rush for your money because certain forbearances will also be given to these institutions to help so in essence, this is an opportunity to have a pretty orderly exit through this and use that period also to build up an export driven economy to get our macro statistics in order.” Mr.Ken Ofori-Atta said.
The government have therefore brought out a program to restructure its debt to assist stabilize the faltering economy and also established a financial stability fund to guarantee the security of depositors’ funds.
Bainamultimedia/Ikimah Abubakar
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