The licenses of 347 microfinance institutions in the country have been revoked by the Central bank.
Thirty-nine (39) microcredit institutions have also had their licenses revoked.
This was announced in a statement issued on Friday by the Bank of Ghana (BoG).
Out of the 347 microfinance institutions, 192 of the companies were insolvent, whiles the remaining 155 were insolvent but had ceased operations.
According to the statement, "these 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 license of a bank or Specialized Deposit-Taking Institution is insolvent or is likely to become insolvent within the next 60 days."
Below is the full statement: