COCOBOD is confident in retrieving the more over GH7 million invested in the closed GN Bank.
The collapsed GN Bank had investments totallingggg more than GH7 million that the Ghana Cocoa Board (COCOBOD) thinks it may be able to recoup.
COCOBOD’s Deputy Chief Executive Officer, Ray Ankrah, testified before the Public Accounts Committee on Tuesday that COCOBOD has accepted the liability of the collapsed bank, verified its asset, and is hopeful of collecting its investment.
“We’ve verified it, and responsibility has been acknowledged. Since there hasn’t been any evidence to imply that they can’t pay or something, we believe the issue is one of timing rather than capacity.
“Mr We still have optimism, chairman,” he told the Committee.
In 2015, the Cocoa Research Institute of Ghana placed GH7.5 million with the GN bank under the name of Provident and Rent Funds.
Following the cleaning up of the banking system, GN Bank collapsed, with people, organizations, and government entities bearing the burden of investment money that were not recovered.
However, it was discovered in the 2020 report of the Auditor-General on the Public Accounts of Ghana – Public Boards, Corporations, and other Statutory Institutions that the investment was frozen as a result of the bank’s liquidation.
An amount of GH7,472,504.22 in the name of Provident and Rent Funds invested since 2015 with GN Bank has been locked up as a result of the bank’s collapse, according to the A-analysis G’s of the Institute’s investment portfolio file.
According to the report, COCOBOD might lose money if strict measures are not taken to reclaim it.
James Klutse Avedzi, the chairman of the Public Accounts Committee, is unsure if such a sum could be recovered in the meantime.
“You are aware that the receiver will be able to raise the funds solely by selling the company’s properties. They won’t be able to raise the money to pay if they can’t get their hands on any company assets to sell off. At the Committee hearing on January 31, 2023, he stated, “I have my reservations that this banking sector clean-up has provided much to individuals and even the government itself.
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