The Central Bank of Ghana has announced the revocation of the operating licenses of 23 savings and loans companies for failing to meet operational standards.
The affected companies have been declared insolvent after the Bank of Ghana (BoG) engaged them within a reasonable period of time to enable them to return to solvency.
A statement from the bank on Monday says, “Pursuant to Section 123 (1) of the Banks and Specialised Deposite-Taking Institutions Act, 2016 (Act 930), the Bank of Ghana (“BoG”) on Friday 16 August 2019 revoked the licences of twenty-three (23) insolvent Savings and Loans Companies (“S&Ls”) and Finance House Companies (“Finance Houses”).
The bank has then appointed Eric Nana Appiah, a Driector of Pricewaterhouse Coopers (Ghana) Limited as the receiver for the purpose of winding down the affairs of the savings and loans companies and finance houses in question.
DAP/as/APA