The Bank of Ghana has, with effect from today, revoked the licenses of twenty-three (23) insolvent savings and loans companies and finance house companies.
According to BOG in a release, These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the BoG to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the BoG determines that the institution is insolvent.
BoG says it has also appointed Mr. Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.
Below are the 23 insolvent savings and loans companies