Mr Nipah<\/p>\n
The Receiver of the 23 collapsed\u00a0savings and loans companies and finance house companies, Eric Nana Nipah, says he will commence payments to depositors of the affected companies within seven days.<\/strong><\/p>\n According to him, the payments would be made based on funds available from the government.<\/p>\n \u201cI\u2019m working towards being in the position to commence payment within seven days and that relates to funding to be received from government,\u201d he said in a radio interview on Accra-based Citi FM Monday morning \u2013 August 19, 2018.<\/p>\n Mr Nipah also noted that he was yet to meet with officials of the Bank of Ghana (BoG) to conclude on the modalities for payment of funds.<\/p>\n \u201cI have no idea of the money involved and how much government was going to make available but I\u2019m very hopeful that in the coming days, all these will be sorted out and explained to me,\u201d he added.<\/p>\n \u201cI have meetings with my principals, BoG today, tomorrow and these are the agenda items that will be discussed and concluded; as to how much money will be made available by government and all the terms and conditions and timing of release,\u201d he said.<\/p>\n Following the revocation of the licences of the 23 savings and loans\u00a0companies and finance house companies last Friday [August 16, 2019], the\u00a0Bank of Ghana (BoG) gave the assurance that funds are available to pay depositors of the affected companies.<\/p>\n The BoG in a statement said: \u201cIn line with the government\u2019s commitment to protect depositors\u2019 funds, the government has made funds available to enable the Receiver pay depositors after their claims are validated. The Receiver will in due course make an announcement with regards to when and where payments will be made.\u201d<\/p>\n According to the BoG, the revocation of the\u00a0licences of the institutions had become necessary because they were insolvent even after a reasonable period within which the Bank of Ghana had engaged with them in the hope that they would be recapitalised by their shareholders to return them to solvency.<\/p>\n","protected":false},"excerpt":{"rendered":" Mr Nipah The Receiver of the 23 collapsed\u00a0savings and loans companies and finance house companies, Eric Nana Nipah, says he will commence payments to depositors of the affected companies within seven days. According to him, the payments would be made based on funds available from the government. \u201cI\u2019m working towards being in the position to […]<\/p>\n","protected":false},"author":66,"featured_media":1664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[1016,1017,1015,1014],"class_list":["post-1663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-23-collapsed-savings","tag-bog","tag-collapse","tag-mr-nipah"],"yoast_head":"\n