Government bailout for locked-up investments set to begin payouts by end of September

Customers affected by the government’s bailout package for locked-up investment funds will soon see their accounts credited.

This comes after GCB Capital, the lead fund manager, concluded discussions with investors on the roadmap for the first tranche of payments.

With the terms finalized, funds are expected to be disbursed by the end of September. The investor engagement held last week aimed to provide updates after the government announced the release of GHS 700 million, the initial portion of the GHS 1.5 billion bailout package.

The discussions focused on ensuring a smooth process for affected customers to access their funds.

Investors will be paid on a pro-rata basis, ensuring that all receive some level of relief. The Securities and Exchange Commission has already confirmed that investors will receive the greater of GHS 50,000 or 15% of their outstanding balance in this phase.

For instance, investors with balances of GHS 20,000 or below will receive their full amount by the end of the month, while those with larger amounts will receive up to GHS 50,000. Higher balances will receive corresponding amounts, such as GHS 150,000 for GHS 1 million and GHS 750,000 for GHS 5 million.

Regarding the redemption process, new investors are required to visit the registrar’s office or the company’s website to accept the bailout agreement, after which they will receive their fund account details within two business days.

Existing investors will need to update their records using their Ghana cards before payments are made into newly created GCB accounts.

GCB Capital has assured investors that it will effectively manage the government’s bailout program to alleviate the financial strain on affected individuals.