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Economy, Finance

BANK OF GHANA REVOKES LICENCES OF GHANA SAVINGS, IDEAL FINANCE AND 20 OTHERS

The Bank of Ghana (BoG) has revoked the licences of twenty-three insolvent savings and loans companies and finance house companies.

The affected institutions include Ideal Finance, GN Savings and Loans, First Allied Savings and Loans, ASN Financial Services, Midland Savings and Loans, IFS Financial Services, Unicredit Savings and Loans and Women’s World Banking Savings and Loans.

A statement issued by the BoG on Friday August 16, 2019 said the revocation of the licences 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 recapitalized by their shareholders to return them to solvency.

“These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent,” the statement said.

The Bank of Ghana has also appointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.

The companies are:

  • 1. Accent Financial Services Ltd
    2. Adom Savings and Loans Ltd
    3. AllTime Finance Ltd
    4. Alpha Capital Savings and Loans Ltd
    5. ASN Financial Services Ltd
    6. CDH Savings and Loans Ltd
    7. Commerz Savings and Loans Ltd
    8. Crest Finance House Ltd
    9. Dream Finance Company Ltd
    10. Express Savings and Loans Company Ltd
    11. First African Savings & Loans Company Ltd
    12. First Allied Savings and Loans Co. Ltd
    13. First Ghana Savings and Loans Co. Ltd
    14. FirstTrust Savings and Loans Ltd
    15. Global Access Savings and Loans Company Ltd
    16. GN Savings and Loans Ltd
    17. Ideal Finance Ltd. Finance House
    18. IFS Financial Services Ltd
    19. Legacy Capital Savings and Loans Ltd
    20. Midland Savings and Loans Company Ltd
    21. Sterling Financial Services Ltd
    22. Unicredit Savings and Loans Ltd
    23. Women’s World Banking Savings and Loans Co. Ltd
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