Cost of financial sector clean-up to rise to GH₵34 billion

Parliament's recent report indicates that the cost of the financial sector clean-up in Ghana could escalate to GH₵34 billion.

This follows a recommendation that the government settle 61,000 customers of the defunct Gold Coast Fund Management, adding GH₵9 billion to the already spent GH₵25 billion.

Joe Ghartey, Chairman of the Special Committee, emphasized the government's obligation to honor its repayment promise and prosecute the matter in court.

The Committee also suggested incorporating insurance in financial decisions to prevent future collapses from becoming a government burden, urging the enforcement of the Ghana Deposit Protection Act 2016.