In line with Government’s commitment to protect depositors’ funds and to shore up public confidence in the financial system, Consolidated Bank Ghana Ltd (CBG) will be issuing a Government backed non- interest bearing Financial Instrument worth approximately GHS4bn to depositors.
The Bond will issued to depositors of the financial 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 bond hass a 5 year tenor and will be issued at zero coupon rate. With a draw down of 10 equal instalments every six months, the first draw down payment will be on March 31 2021. A drawdown Bond is where Bonds are delivered to the Bond purchaser intermittently as funds are needed by the Bond Issuer and the Bond Issuer only provides payments based on the amount of Bonds drawndown.
In a statement issued on Friday 3rd April 2020, the Receivership advised depositors to note that based on information to be provided by the Receiver/Official Liquidator on depositors due for payment, CBG will open Non Interest bearing Accounts for all depositors whose validated and agreed claim(s) remain outstanding after cash payments have been made to them by the Receiver/Official Liquidator, to defray part of their deposit claims in the resolution exercises.
It further advised deposites to note 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.
“The Receiver and Official Liquidator are in discussions with CBG aimed at providing depositors the opportunity to liquidate portions of their Account balances prior to the first draw down date of 31 March 2021,” the statement said.
Background
Government made available to the Receiver of the above resolved companies, as well as the Official Liquidator of the Micro Credit Companies in official liquidation, a combination of cash and Financial Instrument totalling approximately GHS5bn to fully settle outstanding depositor claims of these institutions.
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 GHS920m has been disbursed, leaving an amount of approximately GHS80m to be distributed to relevant depositors of the above resolved entities and Micro Credit institutions placed in official liquidation.
Source: Kofi Ahovi//Businessweekghana.com
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