The first Deputy Governor of Bank of Ghana, Dr. Maxwell Opoku-Afari has assured the public that the Ministry of Finance, Bank of Ghana and the Receiver have reached an understanding to find a way to unlock funds belonging to Rural Community Banks (RCB) deposited with MFIs. According to him, discussions on modalities are ongoing and once finalized, it would be announced very soon.
Dr. Maxwell Opoku-Afari mentioned this at a ceremony to climax the 7th Rural Banking Week held in Takoradi, on the theme; ‘The role of Rural and Community Banks (RCBs) in financial inclusion’. He told the gathering that the receivership was currently ongoing for MFIs, savings and loans and finance houses whose licenses were revoked, and that, after the initial slow start due to poor records and documentations, they can confirm that validation has increased significantly and quite a number of people have received their money. He indicated, that the government recently increased the cap on pay-outs from GH¢10,000 to GH¢20,000, to cater for about 98 percent of depositors. Dr. Opoku-Afari reiterated that the BOG, would continue to tighten regulations, ensure stricter supervision and enforcement of prudent and statutory requirements to safeguard financial stability to protect depositors.