The Bank of Ghana (BoG) has revoked the licenses of 23 insolvent savings and loans companies and finance houses with immediate effect from today, Friday 16th August, 2019.
BoG in the statement explained that the 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.”
The central bank in a statement on Friday said the revocation of the licences of these institutions had become necessary because they were insolvent even after they were given a reasonable period of time to recapitalize.
“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,” the statement added.
GN Savings and Loans, Ideal Finance, Accent Financial Services, uniCredit Ghana Limited were all affected.
Below is the full list of the affected companies: