To prevent losing both their principal and interests, many Ghanaians have flocked to their various financial institutions to withdraw their savings and investments.
Based on reports that certain Databank and Ecobank clients have lost hundreds of cedis on their investments, which has severely impacted their main [original deposit], this panic withdrawal has been made.
The Minister of Finance, Ken Ofori-Atta, responded to this during a news conference in Accra on Monday, December 5. He said there was no need for clients to withdraw money from banks and savings and loan organisations.
The government has established a financial stability fund to guarantee the safety of depositors’ money.
Therefore, this is an opportunity to have a fairly orderly exit through this and use that period to also build up an export driven economy to get our macro statistics in order. “There is no need to rush for your money because certain forbearances will also be given to these institutions to help,” the statement reads. remarked Ken Ofori-Atta.
Recall that on November 23, 2022, some Databank customers complained that they couldn’t access their money and assets.
They bemoaned the odd deductions from their funds over the previous few weeks on the microblogging site Twitter.
Others besides Databank have also pointed out that Ecobank has been employing the mark-to-market methodology for its EDC investments as well as other investment packages.
Some Ghanaians clarified that the behaviour was not intentional and that banks were being told to employ the mark-to-market method by the Securities and Exchange Commission.
Customers can obtain the market value of their returns via this market-to-market strategy, which applies to all domestic financial institutions.
In the meantime, the government launched a programme to restructure debt in an effort to help stabilise the faltering economy.