Customers expecting funds from the government’s bailout package for locked-up investments will have their accounts credited soon. This follows the completion of discussions between GCB Capital, the lead fund manager, and investors regarding the payment schedule for the first tranche of disbursements.
With the terms now finalized, the initial GHS 700 million payment, part of a broader GHS 1.5 billion bailout package, is expected to be released by the end of September. Investor engagements held last week aimed to update affected customers on how they can smoothly access their funds.
Onlinetimesgh Business News understands that the payments will be made on a pro-rata basis to ensure all investors receive some relief. The Securities and Exchange Commission has confirmed that investors will receive either GHS 50,000 or 15% of their outstanding balance, whichever is higher, during this phase.
For example:
– Investors with balances of GHS 20,000 or below will receive full payment by the end of this month.
– If an investor has GHS 100,000, they will receive GHS 50,000.
– Investors with a remaining balance of GHS 500,000 will receive GHS 75,000.
– Larger accounts, such as those with GHS 1 million and GHS 5 million, will receive GHS 150,000 and GHS 750,000, respectively.
Redemption Process
To redeem the funds, new investors must visit the office of the registrar or the company’s website to accept the bailout agreement. They will receive their fund account details via text within two business days from PwC.
Existing investors must update their records with their Ghana Card before payments are made into new GCB accounts created for them or for those whose previous bank accounts were closed.
GCB Capital has assured investors that it will efficiently administer the government’s bailout program to help ease their financial hardship.
