BOG Revokes Licenses of 23 savings and Loans

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 Story by Dennis Asare

The Central Bank of Ghana has with effect from today, August 16, 2019, revoked the licenses of 23 (twenty-three) Savings and Loans companies and finance houses in the country.

The institutions which include GN Savings and Loans, ASN Financial Services, Midlands Savings and Loans, First Allied Savings and Loans and 19 others in the list below had their licenses revoked because they are insolvent. According to the bank of Ghana, it has given these institutions ample time to be recapitalized by their shareholders, but the institutions have shown no prospects of a return to solvency.  

According to the notice issued by the Bank of Ghana, the continued existence of these institutions “poses a severe risk to the stability of the financial system and to the interests of their depositors”.

Further to this, the Central Bank has appointed Mr. Eric Appiah as the receiver of the said institutions in line with Section 123 (2) of Act 930.

Find below the list of all 23 institutions.

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