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
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