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DETAILS AND FULL LIST OF THE 23 COLLAPSED MICRO-FINANCE BY BANK OF GHANA


News of the Central Bank’s revoke of licenses of twenty-three (23) insolvent savings and loans companies and finance houses with immediate effect has undoubtedly shaken the nation barely three months after some 386 microfinances suffered the same fate.

According to a statement from BoG, “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.”

The statement added, “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 action was 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 license of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.”



Below is the full statement released by the BoG

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