- The Bank of Ghana has given detailed reasons on why it revoked the licences of 23 insolvent savings and loans companies and finance house companies
- The central bank noted that these financial institutions have been insolvent for a long time and their shareholders could not recapitalize to return them to insolvency
- Meanwhile the BoG has also named 25 Savings and Loans companies and 11 finance houses that Ghanaians can save with
There are currently just 25 Savings and Loans companies and 11 finance houses in good standing in the country, the Bank of Ghana (BoG) has said.
This comes after the Central Bank revoked the licences of 23 insolvent savings and loans companies on Friday, August 16.
In a statement, the BoG said: "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.”
The last two and half years have seen several banks, investment companies and microfinance companies closed down.
First the UT and Capital Banks were consolidated after the Central Bank deemed both institutions insolvent.
Then five more banks – Beige Bank, Sovereign Bank, Royal Bank, Construction Bank and UniBank – were also dissolved to form the Consolidated Bank of Ghana.
Towards the end of last year, gold dealership firm Menzgold Ghana Limited was also shut down by the Securities and Exchange Commission (SEC) over licensing issues.
In June, the Central Bank also revoked the licenses of some 347 microfinance companies in the country.
Below are the Savings and Loans companies that are currently in good standing, according to the BoG:
ABii National Savings and Loans Ltd
Adehyeman Savings and Loans Company Ltd.
Advans Ghana Savings and Loans Ltd.
Asa Savings and Loans Company Ltd.
Assurance Savings and Loans Ltd.
Bond Savings and Loans Ltd.
Best Point Savings and Loans Ltd.
Bayport Savings and Loans Plc.
Direct Savings and Loans Ltd.
Equity Savings and Loans Ltd.
Golden Link Savings & Loans Ltd.
Golden Pride Savings and Loans Ltd.
Izwe Savings and Loans Ltd.
Jins Savings and Loans Ltd.
Letshego Ghana Savings and Loans Plc
Multi Credit Savings & Loans Co. Ltd.
Opportunity International Savings and Loans Co. Ltd.
Pacific Savings & Loans Co. Ltd.
Pan-African Savings and Loans Company Ltd.
Progress Savings and Loans Ltd.
Services Integrity Savings and Loans Ltd.
SIC Life Savings and Loans Ltd.
Sinapi Aba Savings and Loans Company Ltd.
The Seed Funds Savings and Loans Ltd.
Utrak Savings and Loans Ltd.
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