20 Savings and Loans companies to go down in August

- The Bank of Ghana (BoG) would in coming weeks move in to close down some troubled Savings and loans companies that are facing “serious” financial challenges

- The BoG is said to have engaged some Savings and Loans institutions on their worsening “liquidity position”

- The central bank also advised these companies to put in measures to deal with their impaired capital position

The Bank of Ghana (BoG) is reportedly set to close down about 20 licensed Savings and Loans companies in the country.

According to a report by Citi Business News the 20 struggling Savings and Loans companies would soon have their licenses revoked.

These affected companies are those that are unable to meet depositors’ demands.

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Meanwhile, a receiver is expected to be appointed by the Central Bank for these collapsed companies.

This comes after the Finance Minister, Ken Ofori-Atta, earlier hinted of clean-up in the Savings and Loans sector.

The Bank of Ghana has been in the news in recent months, following the collapse of some financial institutions in the country.

The last two and half years have seen several banks, investment companies and microfinance companies closed down.

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Source: YEN.com.gh