BREAKING: BoG revokes licences of 23 Savings & Loans companies

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The Bank of Ghana has revoked the licences of twenty-three insolvent savings and loans companies and finance house companies.

The Bank of Ghana has also appointed Eric
Nipah as a Receiver for the specified institutions in line with section 123 (2)
of Act 930.

According to a statement from BoG, “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.

According to the central bank, the actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.”

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