Locked-up funds: First tranche of GHS 700m to be disbursed by end of month
Customers set to benefit from the government’s bailout package for investors of locked-up funds will have their accounts credited soon.
This follows the conclusion of engagements between GCB Capital as the lead fund manager and the investors over the road map for the first tranche of payments.
The finalisation of the terms means the funds are expected to be received by the end of September.
The investor engagement held last week was to bring investors up to speed after the government announced the release of GHS 700 million as the first tranche of the GHS 1.5 billion bailout package.
Reports say that the meeting centred on how these affected customers can smoothly access the funds.
All investors with outstanding balances id will be paid on a pro-rata basis. This is to ensure that all investors are given some relief.
Already, the Securities and Exchange Commission has announced that investors will receive a higher value of GHS 50,000 or 15% of their outstanding value in this phase.
So for example all investors with outstanding balances of GHS 20,000 and below, will receive all their funds by the end of this month.
If you have, for instance, GHS 100,000, you will receive GHS 50,000. Investors with the remaining balance of GHS 500,000 will be paid GHS 75,000.
Those with GHS 1 million and GHS 5 million will receive GHS 150,000 and GHS 750, 000 respectively.
Redemption process
Regarding the redemption, new investors are to go to the office of the registrar of the company’s website to accept the bailout agreement.
They will receive their Fund account within two business days via text from PwC.
Old investors will also have to update their records with their Ghana cards before payment will be made into new GCB accounts that will be created for new investors or investors with closed bank accounts.
GCB is assuring that it administers the government’s bailout program effectively so that the hardship on investors will be reduced.