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Business News Wed, 28 Aug 2019

Government votes GH¢1.2 bn to protect depositors of defunct savings and loans companies

Government has reportedly made provision of about GH¢1.2 billion to protect depositors of savings and loans companies that had licenses revoked in the recent banking sector clean-up exercise.

The Bank of Ghana in the release announcing the revocation of the licenses of 23 savings and loans and finance house, did not mention how much that exercise will cost the state.

Previous clean up of the banking, as well as the microfinance sectors, cost the state at least GH¢12 billion. But the central bank did not provide a figure regarding its latest exercise.

According to reports by Bloomberg, the government has earmarked GH¢1.2 billion to cater for depositors in these financial institutions.

The BoG has directed that depositors of institutions affected are to liaise with the receiver, Eric Nana Nipah, to retrieve their locked up funds.

Mr. Nipah stated that customers are to submit proof of debt forms at their various financial institutions.

Source: citibusinessnews.com
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