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Business News of Friday, 3 April 2020

Source: Emmanuel Oscar Ugoh, Contributor

CBG begins issuing bonds

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In the matter of the Receiverships of 347 Microfinance companies and the 23 savings and loans companies, the Receiver has issued a statement to announce commencement of bond payments.

In a statement issued on Thursday 2nd April 2020, the Receivership gave account that “As at Tuesday 31 March 2020, of the GHS1bn cash component of Government’s funding made available to the Receiver/Official Liquidator on 24 February 2020, approximately GHS920mhas been disbursed, leaving an amount of approximately GHS80mto be distributed to relevant depositors of the above resolved entities and Micro Credit institutions placed in official liquidation.”

The statement went further to inform of commencement of bond payments. “Notice is hereby given that with effect from Thursday 2 April 2020, Consolidated Bank Ghana Ltd (“CBG”) will be issuing a Government backed non- interest bearing Financial Instrument worth approximately GHS4bnto depositors of the above institutions whose validated and agreed claims in the resolution exercises have not been fully extinguished by the application of the GHS1bn cash component of Government’s funding provided for this purpose”, the release stated.

The Receivership stated that Depositors should note further that SMS messages will be sent from the Receiver/Official Liquidator to relevant depositors, setting out their Account numbers and the amounts credited to their Non Interest bearing Accounts held at CBG.

See full release and modalities below:

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