The Bank of Ghana has revoked the licenses of some 23 Savings and Loans companies including GN Savings and Loans Limited, Ideal Finance Limited, IFS Financial Services Limited and Midland Savings and Loans.
In a statement released on Friday, August 16, the Bank of Ghana noted the 23 Savings and Loans and Financial Services Companies are insolvent, hence the revocation of their licenses.
“The revocation of the licenses 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 Bank of Ghana has also appointed Eric Nipah as Receiver of the 23 banks in line with Section 123 (2) of Act 930.
Measures have, however, been put in place by the Bank of Ghana for the appointed Receiver to pay depositors their monies once their claims are validated.