The Receiver of the defunct 347 microfinance companies, Eric Nana Nipa will from today, Monday, 13 July 2020, meet with representatives of ex-staff of the affected companies to agree on modalities for the payment of outstanding salaries and their exit packages.
“To ameliorate the economic impact of the resolution exercise on former employees of these affected companies particularly in these times of COVID, Bank of Ghana has agreed to pre-finance the full settlement of employee related claims which otherwise rank as unsecured claims in the receiverships of these companies,” a statement from the receiver said.
“The Receiver will in the week commencing Monday, 13 July 2020 engage with the authorized representatives of the ex-staff to agree on modalities for the payment of outstanding salaries and exit packages to ex-staff of these resolved institutions,” the statement said.
Mr Nipa further noted that he will only fully settle outstanding salaries and exit packages of former employees which have been duly validated, agreed and in the resolution process.
In May 2019, the Bank of Ghana announced the revocation of the licences of 347 Microfinance Companies in the country for insolvency.