Banking Sector Reforms: GH₵2.3BN Negative Capital-Recorded By 22 Firms

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Twenty out of the 23 savings and loans companies and finance houses shut down by the Bank of Ghana (BoG) recorded a combined negative capital of GH₵2.3 billion (GH₵2,301,948,311).

They are made up of 16 savings and loans companies and seven finance houses.

Only Sterling Financial Services Limited did not record negative capital.

Negative capital is a situation whereby a company’s liabilities exceed its assets plus shareholders’ equity.

GH₵1.7bn negative capital by savings and loans companies

The negative capital of the savings and loans companies amounted to over GH₵1.7 billion (GH₵1,752,238,311).

GH₵661.8m negative capital by CDH Savings and Loans

The negative capital of First Allied Savings and Loans Company Limited amounted to GH₵661.8 million (GH₵661,840,000).

GH₵171.3m negative capital by CDH Savings and Loans

BoG noted that CDH Savings and Loans Limited accumulated GH₵171.3 million (GH₵171,360,000) as negative capital.

GH₵175.9m negative capital by First Trust Savings and Loans

According to the Bank of Ghana’s statement, First Trust Savings and Loans Limited recorded GH₵175.9 million (GH₵175,900,000) negative capital.

GH₵119.8m negative capital by Express Savings and Loans

Express Savings and Loans Company also incurred negative capital of GH₵119.8 million (GH₵119,830,000).

GH₵148.9m negative capital by Midland Savings and Loans

The negative capital of Midland Savings and Loans Company Limited reached GH₵148.9 million (GH₵148,920,000).

GH₵221.3m negative capital by Unicredit Savings and Loans

Unicredit Savings and Loans Limited accrued negative capital of GH₵221.3 million (GH₵221,320,000).

GH₵58.1m negative capital by Global Access Savings and Loans

Global Access Savings and Loans Company Limited incurred negative capital of GH₵58.1 million (GH₵58,190,000).

GH₵45.5m negative capital by Women’s World Banking Savings and Loans

The negative capital of Women’s World Banking Savings and Loans Company Limited amounted to GH₵45.5 million (GH₵45,560,000).

GH₵40.9m negative capital by Commerz Savings and Loans

The negative capital of Commerz Savings and Loans Limited amounted to GH₵40.9 million (GH₵40,990,000).

GH₵30.7 negative capital by GN Savings and Loans

The records show that the negative capital of GN Savings and Loans Limited was GH₵30.7 million (GH₵30,700,000).

GH₵22.2m negative capital by First African Savings & Loans



According to the BoG, First African Savings & Loans Company Limited recorded GH₵22.2 million (GH₵22,290,000) negative capital.

GH₵19.5m negative capital by Legacy Capital Savings and Loans

Legacy Capital Savings and Loans accumulated GH₵19.5 million (GH₵19,520,000) as negative capital.

GH₵14m negative capital by First Ghana Savings and Loans

Similarly, First Ghana Savings and Loans Company Limited accumulated negative capital of GH₵14 million (GH₵14,080,000).

GH₵11.5m negative capital by Alpha Capital Savings and Loans

In the same vein, the negative capital of Alpha Capital Savings and Loans Limited hit GH₵11.5 million (GH₵11,510,000).

GH₵9.6m negative capital by Adom Savings and Loans

According to the central bank, Adom Savings and Loans Limited incurred a negative capital of GH₵9.6 million (GH₵9,600,000).

GH₵628,311 negative capital by ASN Savings and Loans

ASN Financial Services Limited recorded a negative capital of GH₵628,311.

GH₵549.7m negative capital by finance houses

Similarly, the negative capital of the seven finance houseswas also over GH₵549.7 million (GH₵549,710,000).

GH₵333.4m negative capital by Dream Finance Company

Dream Finance Company Limited also accounted for GH₵333.4 million (GH₵333,460,000) negative capital.

GH₵117.5m negative capital by Ideal Finance

Ideal Finance Limited recorded GH₵117.5 million (GH₵117,500,000) negative capital.

GH₵55.7m negative capital by Accent Financial Services

Accent Financial Services Limited recorded a negative capital of GH₵55.7 million (GH₵55,760,000).

GH₵23.1m negative capital by AllTime Finance

The negative capital of AllTime Finance Limited accrued to GH₵23.1 million (GH₵23,150,000).

GH₵17.5m negative capital by Crest Finance

Crest Finance House Limited accumulated negative capital amounting to GH₵17.5 million (GH₵17,550,000).

GH₵2.2m negative capital by IFS Financial Services

The negative capital of IFS Financial Services Limited was GH₵2.2 million (GH₵2,290,000).


Source: The Finder

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