The Bank of Ghana has with immediate effect revoked the licences of twenty-three (23) insolvent savings and loans companies and finance house companies.
The Central Bank in a statement on Friday said the revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.
Social media users have been reacting to the latest revocation of licences of insolvent savings and loans companies and finance house companies.
Below are some comments
Bank of Ghana is renamed after J.B Danquah #RenamingChallenge pic.twitter.com/CwsVLfLi9C
— gods eye ? (@henrimorrgh) August 11, 2019
#Breaking: There's something about the month of August and #Ghana's #Banking and Finance sector. These 23 savings and loans companies have had their licenses revoked by the Bank Of Ghana. Jobs would be lost again. pic.twitter.com/iN8b6li3Ud
— Martin Asiedu-Dartey (@NewsyMartin) August 16, 2019
Never believe the hype. Bank of Ghana has been reminding us of this a lot recently.
— Michael Oti Adjei (@OtiAdjei) August 16, 2019
Dr. Nduom how be market ? Bank of Ghana pic.twitter.com/7Jj7cwXr0e
— Elvis Yorm (@Elvisyorm) August 16, 2019
I'm patiently waiting for @kwadwosheldon reaction on the GN Bank and others revocation by Bank of Ghana. pic.twitter.com/TyVoUr4AYI
— Kokonte Wura (@IamKokonteWura) August 16, 2019
Bank Of Ghana repels License of certain Savings and Loans.
— Am_Kaytu?? (@Am_kaytu) August 16, 2019
Spoiler alert: GN Savings and Loans is part pic.twitter.com/CAi4BVzPsw
#KweseHeadStart
— Edward Amara (@EdwardAmara7) August 14, 2019
If a bank is operating without proper licence (s), then the the Bank Governor of the Bank of Ghana and the Finance Minister should be called to book. The lay man's money can easily go astray under such circumstance.
MAN CRUSH MONDAY #MCM
— Ashanti Kingdom (@Ashanti_Kingdom) August 12, 2019
Dr. Kwabena Duffuor.
~Founder/Owner: EIB Network (GhOne TV, Starr Fm, Kasapa FM, Live FM, Ultimate FM, Agoo FM, etc)
~Governor : Bank of Ghana, 1997-2001.
~Former Minister of Finance.
Hometown: Kumawu, Ashanti.#Asantedehyee #MCM pic.twitter.com/661hd1F9ko
Glory be to God! We Give Thanks To God For Everything! Our Family Bank, Savings & Loans Bank Unicredit Licences Has Been Revoked By Bank of Ghana Today! Wow Wow Wow! What A Relief! History Has Thought Us So Much And We Are Grateful To History! Aseda Ye Onyeme Ne De!Akpe! pic.twitter.com/WJHpMf8rJL
— HRH OSCAR YAO DOE (@oscaryaodoe) August 16, 2019
I thought of summarising but it seems better to read the Bank of Ghana (BOG) official position, as reproduced on various media platforms (also on BOG website). In sum, most forex dealings must be done through forex a/c at our Banks.https://t.co/sNSuMgRFAx https://t.co/nE9WmzH4vX
— Seth E Terkper (@SethTerkper) August 15, 2019
By: Joseph Nii Ankrah