BoG targeted and closed 426 microfinance companies linked to NDC members - Ato Forson

Minority Leader in Parliament, Dr Cassiel Ato Forson, has accused the Bank of Ghana of shutting down over 400 microfinances that were purportedly linked to the opposition National Democratic Congress (NDC).

According to him, some of the managers of the 426 microfinance companies that were collapsed for political reasons have become taxi drivers.

Ato Forson stated that the NDC would hold the Akufo-Addo government accountable when voted back into power.

Speaking at the OccupyBoG demonstration in Accra on Tuesday, October 3, 2023, the former finance minister said the protest was geared towards the betterment of the country.

It would be recalled that in 2017, the Bank of Ghana undertook a clean-up exercise that saw the revocation of operating licenses of some 8 banks, 23 savings and loans companies and more than 400 specialised deposit-taking institutions (SDIs).

UT Bank, Capital Bank, Sovereign Bank, Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank and UniBank, were the affected banks.

According to the Receiver for some of the financial institutions, preliminary investigations found that most directors of the defunct financial institutions failed in their fiduciary responsibilities to customers and other stakeholders.

The measures taken by the BoG safeguarded the investments of 4.6 million depositors.

SA/NOQ



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