The Bank of Ghana has revoked the licences of 23 savings and loans companies after they were declared insolvent.
These actions, the central bank said, was 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 Bank of Ghana further appointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.
“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.
“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 Bank of Ghana said in a statement.
LIST OF 23 INSOLVENT INSTITUTIONS WHOSE LICENCES HAVE BEEN REVOKED
1 Accent Financial Services Ltd. Finance House
2 Adom Savings and Loans Ltd. Savings and Loans Company
3 AllTime Finance Ltd. Finance House
4 Alpha Capital Savings and Loans Ltd. Savings and Loans Company
5 ASN Financial Services Ltd. Savings and Loans Company
6 CDH Savings and Loans Ltd. Savings and Loans Company
7 Commerz Savings and Loans Ltd. Savings and Loans Company
8 Crest Finance House Ltd. Finance House
9 Dream Finance Company Ltd. Finance House
10 Express Savings and Loans Company Ltd. Savings and Loans Company
11 First African Savings & Loans Company Ltd. Savings and Loans Company
12 First Allied Savings and Loans Co. Ltd. Savings and Loans Company
13 First Ghana Savings and Loans Co. Ltd. Savings and Loans Company
14 FirstTrust Savings and Loans Ltd. Savings and Loans Company
15 Global Access Savings and Loans Company Ltd. Savings and Loans Company
16 GN Savings and Loans Ltd. Savings and Loans Company
17 Ideal Finance Ltd. Finance House
18 IFS Financial Services Ltd. Finance House
19 Legacy Capital Savings and Loans Ltd. Savings and Loans Company
20 Midland Savings and Loans Company Ltd. Savings and Loans Company
21 Sterling Financial Services Ltd. Finance House
22 Unicredit Savings and Loans Ltd. Savings and Loans Company
23 Women’s World Banking Savings and Loans Co. Ltd. Savings and Loans Company
