Ghana Pension Funds Are Shielded From Crisis-Hit Ghana. Money Managers
Ghana’s pension funds are safe from the crisis engulfing money managers caught in the aftermath of a banking-industry cleanup.
“The only way some may have been affected is if they made fixed-term investments with some of the banks that were shut down,” Hayford Attah Krufi, chief executive officer of the National Pensions Regulatory Authority, said in an interview. “But, because the government bailed out depositors, those investments are still safe.”
The West African nation’s markets regulator is investigating 21 fund managers for investing as much a 5 billion cedis ($903 million) in hard-to-liquidate assets such as unlisted bonds, direct private-equity deals and related-party transactions. The investments were exposed after the central bank in 2017 started weeding out weaker lenders, triggering panicked withdrawals and drying up new money flows to the fund managers.
Read more @Bloomberg
