Twenty-three insolvent savings and loans companies and finance house companies including GN Savings and Loans belonging to businessman Dr Papa Kwesi Nduom on Friday, August 16, 2019, had their licences revoked by the Bank of Ghana (BoG).

The action by the Central Banks was 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.

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

Below is the list of the affected institutions:

Source:A1Radioonline.com|101.1MHZ|Ghana

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