In a major relief for investors, the Finance Ministry has processed the release of the first tranche of GH¢700 million as part of a broader GH¢1.5 billion package aimed at bailing out the remaining Asset Management Companies (AMCs), including Blackshield Fund Management Ltd. This marks a significant step in addressing the financial strain on individuals affected by the collapse of several fund management companies.
Finance Minister Dr. Mohammed Amin Adam, addressing a press conference in Accra on Thursday, August 29, shared the welcome news. He revealed that the funds are set to be released by the Controller and Accountant-General, underscoring the government’s commitment to easing the stress of affected investors.
“I am pleased to inform you that the Ministry of Finance has processed the release of the first tranche, GH¢700 million, of the additional GH¢1.5 billion to the Securities and Exchange Commission (SEC) to further bail out the remaining AMCs, including Blackshield Fund Mgt Ltd. Yesterday, I instructed the Controller and Accountant-General to release the funds to mitigate the stress on affected persons,” Dr. Amin Adam announced.
This move follows the government’s promise, made during the 2024 Mid-Year Review of Fiscal Policy, to allocate an additional GH¢1.5 billion to provide relief for those whose funds have been locked in the defunct AMCs. The bailout package will be disbursed in three tranches, with the initial GH¢700 million already in motion.
The first tranche is expected to significantly impact investors, with 92% of Blackshield’s 82,096 investors set to receive full settlement. Additionally, 78% of the remaining fund management companies’ 12,069 investors will also see their funds restored.
This latest intervention brings the total number of investors settled under the bailout scheme to 94,165, representing 90% of the 105,178 validated claims. Despite the tight fiscal space, Dr. Amin Adam reiterated the government’s commitment to providing relief, especially to vulnerable groups like pensioners.
“This intervention is being done despite the tight fiscal space, a clear testament to the government’s commitment to provide relief to investors of the defunct AMCs, especially the pensioners,” Dr. Amin Adam emphasized.
The bailout offers a glimmer of hope for thousands of investors who have faced uncertainty for months, signaling a renewed effort by the government to address the lingering financial fallout from the collapse of these institutions.
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