The Securities and Exchange Commission (SEC) has announced the release of GHȼ 1.5 billion to continue the bailout programme for investors affected by the 2019 revocation of fund management licences.
This move follows the approval by the government through the Ministry of Finance.
The GHȼ1.5 billion will be disbursed in three tranches: GHȼ700 million in August 2024, follow by GHȼ 400 million each in October and December 2024.
This latest release adds to the GHȼ 4.46 billion previously distributed to affected investors with examined claims, which has so far covered 84,202 investor claims. Approximately 82 percent of these claims, representing 69,445 investors, have been fully settled.
The decision to extend the bailout was driven by humanitarian considerations and aims to provide financial relief to investors impacted by the revocation, including those associated with Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) and Kron Capital Limited, SEC said.
The current tranche will provide investors with the greater of GH₵50,000 or 15% of their outstanding claims from the defunct firms, increasing the estimated percentage of fully settled investors to nearly 91%.
The bailout will be administered through the Amalgamated Mutual Fund (AM Fund) managed by GCB Capital Ltd.
Consequently, managers of AM Fund plan to hold a meeting in the coming days to guide investors on accessing the funds and discuss the option of leaving claims within the AM Fund for continued management.
