The Receiver of the defunct financial institutions has so far credited ¢200 million into accounts of 800 depositors of the Consolidated Bank Ghana (CBG). Payment of the depositors funds commenced on the night of Monday, 24 February 2020.  

This has resulted in corresponding SMS messages sent to some depositors. Some of these beneficiaries that have been communicated via text messages were mainly schools, hospitals and churches with locked-up funds. Consolidated Bank Ghana, going forward will continue to credit accounts of depositors whose claims have been validated.

The receiver was expected to roll out the payment to these depositors Monday before the close of work. But it appears challenges with finalizing work on validated claims may have affected them in meeting that deadline.  

According to the receiver it has received 5 billion cedis in cash and bonds to facilitate this payment. According to the finance ministry is has spent GH¢17.7 billion on the financial sector clean-up. GH¢11.65 billion cedis was spent on the banking sector. GH¢6.1 billion on specialized-deposit-taking-institutions as well as microfinance institution. The finance ministry has noted that this would help improve liquidity in the system.