The President, Nana Addo Dankwa Akufo-Addo, has asked the public to act with caution in matters of financial investments and offers with exceptional promises of return, as this often turns out to be ‘untrue and unsustainable.’
He said “in all financial dealings, we have to accept what the experts tell us that, whenever an offer sounds too good to be true, it invariably ends up being untrue and unsustainable.”
The President’s remark is against the background that a number of Ghanaians got their monies locked up in some finance houses, which lost their licenses to operate during the recent financial sector cleanup exercise undertaken by the Bank of Ghana (BoG).
President Akufo-Addo made the remarks in parliament today (5th January, 2021) in his last State of the Nation Address ending his first term in office.
He noted that “there is no question of doubt that a number of people got attracted to the unsustainable high interest rates that some finance houses were offering.”
President Akufo-Addo recounted that government saved a number of banks involved and secured about 4.6 million depositors’ funds.
“The government has had to find some GHC21 billion to fund the cleanup exercise. This exercise has enabled a more robust financial and banking services sector to emerge, to finance the rapid development of our nation,” he added.
This notwithstanding, there are pending claims of none payments of funds to some depositors, but the president assured that the government is committed to paying all validated claims.
“I expect the process to be completed soon after the courts grant the liquidation orders for the remaining failed fund management companies,” he assured.