Receivership Cbg Begins Issuing Bonds

In the matter of the Receiverships of 347 Microfinance companies and the 23 savings and loans companies, the Receiver has issued a statement to announce commencement of bond payments.

In a statement issued on Thursday 2nd April 2020, the Receivership gave account that “As at Tuesday 31 March 2020, of the GHS1bn cash component of Government’s funding made available to the Receiver/Official Liquidator on 24 February 2020, approximately GHS920mhas been disbursed, leaving an amount of approximately GHS80mto be distributed to relevant depositors of the above resolved entities and Micro Credit institutions placed in official liquidation.”

The statement went further to inform of commencement of bond payments. “Notice is hereby given that with effect from Thursday 2 April 2020, Consolidated Bank Ghana Ltd (“CBG”) will be issuing a Government backed non- interest bearing Financial Instrument worth approximately GHS4bnto depositors of the above institutions whose validated and agreed claims in the resolution exercises have not been fully extinguished by the application of the GHS1bn cash component of Government’s funding provided for this purpose”, the release stated.

The Receivership stated that Depositors should note further that SMS messages will be sent from the Receiver/Official Liquidator to relevant depositors, setting out their Account numbers and the amounts credited to their Non Interest bearing Accounts held at CBG.

See full release and modalities below:

IN THE MATTER OF THE BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016(ACT 930)
AND
IN THE MATTER OF THE RECEIVERSHIPS OF 347 MICROFINANCE COMPANIES AND THE 23 SAVINGS AND LOANS AND FINANCE HOUSE COMPANIES
AND
NOTICE OF FULL PAYMENTS TO DEPOSITORS OF RESOLVED MICROFINANCE, AND SAVINGS AND LOANS AND FINANCE HOUSE COMPANIES WHOSE CLAIMS HAVE BEEN VALIDATED IN THE RESOLUTION PROCESS
In line with Government’s commitment to protect depositors’ funds and to shore up public confidence in the financial system, Government has made available to the Receiver of the above resolved companies, as well as the Official Liquidator of the Micro Credit Companies in official liquidation, a combination of cash and Financial Instrument totalling approximately GHS5bn to fully settle outstanding depositor claims of these institutions.
As at Tuesday 31 March 2020, of the GHS1bn cash component of Government’s funding made available to the Receiver/Official Liquidator on 24 February 2020, approximately GHS920m has been disbursed, leaving an amount of approximately GHS80m to be distributed to relevant depositors of the above resolved entities and Micro Credit institutions placed in official liquidation.
Notice is hereby given that with effect from Thursday 2 April 2020, Consolidated Bank Ghana Ltd (“CBG”) will be issuing a Government backed non- interest bearing Financial Instrument worth approximately GHS4bn to depositors of the above institutions whose validated and agreed claims in the resolution exercises have not been fully extinguished by the application of the GHS1bn cash component of Government’s funding provided for this purpose.
The main features of the Government backed Financial Instrument are as follows:
• Coupon Rate: Zero coupon rate i.e. Non-interest bearing
• Tenor: 5 Years
• Draw downs: 10 Equal instalments every six months
• Timing of First draw down payment: 31 March 2021.
Depositors should please note that based on information to be provided by the Receiver/Official Liquidator on depositors due for payment, CBG will open Non Interest bearing Accounts for all depositors whose validated and agreed claim(s) remain outstanding after cash payments have been made to them by the Receiver/Official Liquidator, to defray part of their deposit claims in the resolution exercises.
Depositors should note further that SMS messages will be sent from the Receiver/Official Liquidator to relevant depositors, setting out their Account numbers and the amounts credited to their Non Interest bearing Accounts held at CBG.
The Receiver and Official Liquidator are in discussions with CBG aimed at providing depositors the opportunity to liquidate portions of their Account balances prior to the first draw down date of 31 March 2021.
Stakeholders may direct all questions or clarifications on the above to the coordinates below:
Tel: 024 243 9441/ 0550000966
www.ghreceiverships.com
SGD
ERIC NANA NIPAH

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