Published on Gold Anti-Trust Action Committee (http://www.gata.org)

A $1.6 billion horror as people in Ghana can't get their savings

By cpowell
Created 2019-08-18 15:08

By Moses Mozart Dzawu
Bloomberg News
Sunday, August 18, 2019

Isaac and Bless Boahen saved for months to fund her economics doctorate, but when the time came to cash in the investment, they were left empty-handed.

The couple are among at least 70,000 investors who have become collateral damage from a cleanup of Ghana's banking industry. The crackdown, which reduced the number of lenders by a third and saw the closure of 23 savings-and-loans companies, also triggered a run on fund managers, who couldn't sell their holdings fast enough to meet demand.

... Dispatch continues below ...


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That's tying up as much as 9 billion cedis ($1.6 billion) of investments, more than a third of the 25 billion cedis in assets that private fund managers oversee for retail and institutional investors. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-08-18/a-1-6-billion-horror-... [2]

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