Dr Adu Anane Antwi, Chairman of the Securities and Exchange Commission (SEC) Board, has indicated that investors with locked-up funds could start receiving payments next year, provided the government makes the necessary budgetary provisions this year.
Speaking on Joy Super Morning Show, Dr Antwi explained that the government had previously taken steps to pre-finance payments to investors, allowing them to receive funds even before the receivers of the investments had collected the money.
“The thing what the government did was that I would pre-finance it to pay people even if the receiver has not received any sums of money. So, if, for example, the receiver wants to pay that is waiting to receive 1 million and government steps in to pay that 1 million, then technically it means when the receiver receives that 1 million, he must refund it to the person who has funded the payment,” he said.
The SEC Chairman clarified that this pre-financing approach is a technical mechanism designed to ensure that investors do not have to wait indefinitely for their funds. Traditionally, investors would have had to wait until the receiver collected the money before any payment could be made.
Dr Antwi expressed hope that the Ministry of Finance would make the necessary provisions in this year’s budget to facilitate these payments next year.
“We are hoping that this year, some provisions will be made. And once the provision is made in this year’s budget, then next year the investors can expect some payment,” he stated.
The SEC has been under pressure to find ways to ensure that affected investors are compensated in a timely manner while balancing technical and legal constraints.
Dr Antwi, however, noted that some details of government action on the matter were still unclear, indicating that the process will depend on formal budgetary and administrative measures being put in place.
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