Executive Secretary of the Ghana Association of Savings and Loans companies, Tweneboah Kodua Boakye
The Bank of Ghana (BoG) says about 25 Savings and Loans companies and 11 finance houses are currently in good standing and would, therefore, remain operational in the country.
The BoG on Friday revoked the licences of twenty-three insolvent savings and loans companies and finance house companies in the country.
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.”
