The receiver of collapsed microfinance companies to begin auctioning vehicles today

The Receiver of the collapsed 347 microfinance companies and 23 savings and loans and finance house companies will auction the first batch of vehicles and motorbikes of the defunct companies.

The Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC)

The auction will start on February 3, 2020, and end on February 7, 2020.

A notice issued by the receiver said the auction will be done at the College of Physicians and Surgeons in Accra at 9 am daily.

The vehicle brands include Toyota, Hyundai, KIA, Ford, among others.

Prior to the auction, an inspection of the items was held from Wednesday, January 29 to Friday, January 31, 2020.

The notice issued said that interested persons who wish to buy the vehicles and motorbikes are expected to pay “strictly cash down at the fall of the gavel,” the statement said.

The Bank of Ghana (BoG), on May 31, 2019, revoked the license of 347 Microfinance Institutions.

The BoG revoked the licences of 347 Microfinance Institutions on May 31, 2019. The Central Bank said this was to remove insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system.

In accordance with Section 123(2) of Act 930, the BoG appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purposes of winding down the affairs of the affected microfinance companies.

Mr Nipah said he had paid about GHC30 million worth of claims to affected depositors as of August 2019.

He said that he received close to 152,000 depositor claims worth about GH?1.4 billion.

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