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The Bank of Ghana has said it cannot provide full assurance to depositors whose monies have been locked up in 23 Savings and Loans companies which bit the dust Friday.

“I cannot say that 100%,” Deputy Director of Banking Supervision at the Bank of Ghana (BoG), Elliot Amoako responded on JoyNews’ Newsfile show Saturday, to questions about the guarantees that depositors funds are safe.

He said a validation process is needed to determine deserving claims.

A third swing of the central bank’s axe chopped off 23 companies from Ghana’s financial sector after they were found to be insolvent.

Big names in the savings and loans sector, GN, Midland, Women’s World Banking, Ideal Finance were found to have breached provisions of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The clean-up within this sector follows the revocation of the licences of 386 insolvent microfinance and microcredit companies in May.

Before that nine local banks lost their licences between August 2017 and August 2018.

In all 418 financial institutions have lost their licences in the biggest bust within the financial sector since independence.

The Bank of Ghana has signalled the latest closure brings an end of a banking sector clean-up. “This is the end of [the] exercise,” Mr Amoako said.

Expressing satisfaction, the banking supervisor declared, Ghana is now going to have a “cleaner, safer and resilient banking system.”

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