Bank of Ghana revokes licences of Papa Kwesi Nduom’s GN savings and loans company, 22 others

The Bank of Ghana has with immediate effect revoked the licences of twenty-three (23) insolvent savings and loans companies and finance house companies.

Dr Ernest Addison, Bank of Ghana Governor

The affected institutions include GN Savings and Loans, ASN Financial Services, Midland Savings and Loans, Unicredit Savings and Loans and Women’s World Banking Savings and Loans.

The central bank in a statement on Friday, August 16, 2019, said 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 statement added.

The statement further 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 Bank of Ghana has also appointed Mr Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.”

Below is the full list of the affected microfinance companies:

1. Accent Financial Services Ltd

2. Adom Savings and Loans Ltd

3. AllTime Finance Ltd

4. Alpha Capital Savings and Loans Ltd

5. ASN Financial Services Ltd

6. CDH Savings and Loans Ltd

7. Commerz Savings and Loans Ltd

8. Crest Finance House Ltd

9. Dream Finance Company Ltd

10. Express Savings and Loans Company Ltd

11. First African Savings & Loans Company Ltd

12. First Allied Savings and Loans Co. Ltd

13. First Ghana Savings and Loans Co. Ltd

14. FirstTrust Savings and Loans Ltd

15. Global Access Savings and Loans Company Ltd

16. GN Savings and Loans Ltd

17. Ideal Finance Ltd. Finance House

18. IFS Financial Services Ltd

19. Legacy Capital Savings and Loans Ltd

20. Midland Savings and Loans Company Ltd

21. Sterling Financial Services Ltd

22. Unicredit Savings and Loans Ltd

23. Women’s World Banking Savings and Loans Co. Ltd

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