Finance Minister Dr Mohammed Amin Adam announced on Thursday, August 29, that the Ministry of Finance had processed the release of GH¢700 million, the first tranche of a GH¢1.5 billion bailout package for the Securities and Exchange Commission (SEC).
This funding aims to assist in resolving issues affecting the remaining Asset Management Companies (AMCs), including Blackshield Fund Management Ltd.
In a press conference, Dr Amin Adam confirmed that the funds had been allocated to alleviate the financial strain on affected investors.
“I am glad to inform you that the Ministry of Finance has processed the release of GH¢700 million from the additional GH¢1.5 billion for the SEC to support further the bailout of the remaining AMCs, including Blackshield Fund Management Ltd.
Yesterday, I instructed the Controller and Accountant-General to release the funds to mitigate the stress on affected persons,” he stated.
The GH¢1.5 billion bailout will be distributed in three phases. The current tranche is expected to significantly progress the settlement process, bringing the number of fully settled investors under Blackshield to 82,096, representing 92% of affected individuals.
Additionally, this tranche will benefit 12,069 investors or 78% of those from other Fund Management Companies (FMCs).
The bailout scheme is set to fully settle 94,165 investors, accounting for 90% of the total validated claims of 105,178.
Dr Amin Adam emphasized the government’s commitment to supporting investors, particularly pensioners, despite the challenges of a tight fiscal space.
“This intervention demonstrates the Government’s commitment to providing relief to investors of defunct AMCs, especially pensioners,” he concluded.
