Ghana’s central bank has revoked the licenses of twenty-three (23) financial institutions mostly savings and loans companies.
The Bank of Ghana in a statement on Friday said the financial institutions were insolvent and unable to operate properly.
The revocation of the licences of the 23 institutions, according to the central bank had to be executed after the institutions failed to recapitalize on time.
The statement from the bank said “It is the Bank of Ghana’s assessment that these institutions have no reasonable prospects of recovery, and that their continued existence poses severe risks to the stability of the financial system and to the interests of their depositors.”
Ghana’s laws allows the central bank to “revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.”
Some of the affected financial institutions include: GN Savings and Loans Ltd, Ideal Finance Ltd, Unicredit Savings and Loans Ltd, Global Access Savings and Loans Company Ltd.
Accent Financial Services Ltd, Midland Savings and Loans Company Ltd, First Allied Savings and Loans Co. Ltd were also among those affected by the revocation.
List of affected institutions
The Bank of Ghana said new measures have been put in place ensure that the financial sector remains safe for businesses and customers.
