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16.08.2019 Business & Finance

GN Savings And Loans, 22 Others Shut Down

By Staff Writer
Dr. Ernest Addison
AUG 16, 2019 BUSINESS & FINANCE

The Bank of Ghana (BoG) has revoked the licences of 23 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.

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 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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