Regulatory Alerts2020-11-18
Government Authorizes Partial Bailout for Remaining Customers of Revoked Fund Management Companies Pending Liquidation Petitions
The Securities and Exchange Commission of Ghana, acting on government authorization, has approved a partial bailout providing up to GHS 50,000 to customers of 27 revoked fund management companies while liquidation proceedings continue. This intervention covers 92,460 validated claims, primarily from individual investors and pensioners, with payouts processed through the Amalgamated Fund Ghana Limited managed by GCB Capital and claims validated by PwC. Eligible clients must accept an online assignment agreement, complete digital onboarding with GCB Capital, and submit redemption forms to receive funds directly into their GCB Bank accounts within specified business day timeframes.
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