BoG governor reveals how over GHC700 million was recovered from 9 failed banks

BoG governor reveals how over GHC700 million was recovered from 9 failed banks

- Receivers have recovered GHC731 million from customers of the 9 failed Ghanaian banks

- This was disclosed by the governor of the Bank of Ghana, Dr. Paul Addison

-This formed part of GHC101.1 billion given to customers of banks

The governor of the Bank of Ghana, Dr. Ernest Addison, has disclosed that receivers of the nine collapsed Ghanaian banks have recovered a total of GHC731 million from customers.

This, he explained, formed part of the GHC101.1 billion advanced to the customers of the banks.

According to him, the receivers obtained the funds through loan repayments by customers, repayments of placements, sale of vehicles, liquidation of bonds and from other sources.

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Per a report by Graphic.com.gh, he added that loan repayments by customers constituted about 72% of the total proceeds realised.

“I am also reliably informed that the receivers have fully engaged the judicial system to assist in the recovery of certain assets and money from some of the shareholders, directors and other loan defaulters of these erstwhile institutions, with about 50 cases currently pending before the courts,” he revealed.

In his opinion, poor records and non-existent data were the reasons behind the inability of the banks in recovering loans.

Dr Addison went on to say that in the aftermath of the clean-up in the banking sector, the recovery of loans had not been without challenges.

Some of them, he disclosed, are loan defaults and associated legal issues, while poor documentation had also made it difficult for the receivers to identify and pursue some of the loan defaulters.

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Source: Yen.com.gh

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