Story: Reuben Sackey

The Director General of the Securities and Exchange Commission (SEC), Rev Daniel Ogbamey Tetteh  has allayed any fears of unfairness in the payment of  the locked -up funds to  institutions and individuals who were affected by the banking sector cleanup. 

Speaking to Today in an interview over the weekend, Rev. Ogbamey Tetteh said,  this was the reason  his  outfit in the coming days would  meet heads  of fund management firms to discuss the distribution of an initial GH₵700 million from the government’s GH₵1.5 billion bailout package.

According to him, over GH₵4 billion had  already been disbursed to claimants.

He said, “the GH₵4.46 billion released includes payments to all validated claimants—individuals, institutions, churches, hospitals, and schools. The funds have been distributed in the form of bonds, allowing people to access their money.”

Rev Tetteh explained that the GH₵700 million will be placed into a management fund for distribution.

He added, “the GH₵1.5 billion will be released in three phases: GH₵700 million, GH₵400 million, and another GH₵400 million. It’s important to note that the funds do not go directly to the SEC.

“Instead, they are managed by a special purpose vehicle called the Ghana Amalgamated Fund. This fund handles all bailout payments, and investors must sign up for the government bailout before becoming clients of the AM Fund. The fund will then manage payments based on investor requests.”

Rev Tetteh also mentioned that the Fund managers will soon hold meetings to further explain the process to investors.