Clients of the remaining yet-to-be-liquidated 27 Fund Management Companies (FMCs), starting today, November 20, will receive payments from the partial bailout package announced for them.
This is according to the Director-General of the Securities and Exchange Commission (SEC), Reverend Daniel Ogbarmey Tetteh.
“From the 20th of November 2020, our agents will share the claimed IDs with the affected clients. Once you receive your ID, you log onto www.bailout.rgd.gov.gh, you enter your ID number and follow the processes from there,” he told the media on the sidelines of the Time with the Commission engagement series.
“It’s not a different process from what is usually done. We are actually trying to mimic what typically happens in the asset management space, and so I think people shouldn’t get anxious and wonder whether it will happen. It’s just a matter of following through the process,” he added.
The partial bailout package of up to Ghs 50,000, will cover 89 percent of affected customers and 82 percent of pensioners.
Speaking further, he cautioned investors to stay clear of any entity such as PBAY Limited that claims it can help them access their funds, saying government does not need any facilitator in giving the funds to customers of the FMCs.
“My job is to let the affected customers of these fund management companies know that SEC has not mandated PBAY to be a facilitator. Indeed, government bailout does not require any facilitator,” he emphasized.