Here’s how the majority share owner of collapsed Global Access Savings and Loans lost his $1.7 million through an investment with the company

Majority share owner of defunct Global Access Savings and Loans company says he lost about $1.7 million to the company.
This he said was through several investments to help the company stand on its feet again.
Dr Ammoah said the bank about $5 million of its money to fraud.

He explained that apart from being the owner, he deposited about GH¢20 million in placement into several investment instruments to help the company’s struggles to mobilise deposits for onward lending to the public.

“I have $1.7 million (GH¢9 million) of my money in Global Access… If I am not paid, I have lost that money. I used to deposit $3.7 million (GH¢20 million) to help them because at some point they didn’t have monies to give out as loans. Banks’ major revenue line is loan interest income,” he said.

Adding that “And most savings and loans struggle to raise deposits and if you don’t have deposits you can’t give loans. So, I put in $3.7 million (GH¢20 million) of my own money in a current account, savings accounts etc which they used to give out loans.”

Dr Amoah made the revelation while speaking in an interview on Accra-based Metro TV.

Global Access Savings and Loans was part of the 16 savings and loans companies which had their licenses revoked by the Bank of Ghana after they were declared insolvent.

The central bank subsequently appointed a receiver, Eric Nana Nipah, to supervise the payment of depositors and creditors as well as maximising realisations from assets.

The majority shareowner who was also the company’s Chief Executive Officer of the company somewhere 2015/2016, commenting on how the company collapsed noted that the company lost about $5 million to fraud.

“$5 million got wiped out of the company. We sell dollars and we get cedi back. So, we found out that when the dollars were sold the cedi equivalent never came,” he revealed.

This incident, according to him, caused the downfall of Global Access coupled with the fact that its biggest source of income, remittances, has also taken a nosedive. He added that the Bank of Ghana was aware of the incident.