The Bank of Ghana has revoked the licenses of some savings and loans institutions including finance houses.
The insolvent financial institutions numbering twenty-three will no longer operate as savings and loans companies.
In a statement released by the Bank of Ghana dated 16th August, 2019, these institutions were given a reasonable period of time to recapitalize to solvency. However after engaging them, these financial institutions didn’t show any prospects of recovering. Hence the decision to revoke their licenses.
The statement added that depositors funds will be refunded at a said date after they have validated their claims.
The affected institutions, prominent amongst them is GN Savings and Loans, Midland Savings and Loans limited and First Allied Savings and Loans.