GN Savings and Loans, 22 others closed down

Dr Papa Kwesi Nduom, Founder, GN Bank/ GN Savings

The Bank of Ghana (BoG) has revoked the licences of 23 insolvent savings and loans companies and finance house companies.

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

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According to a statement from the BoG, “the revocation of the licences 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 recapitalised by their shareholders to return them to solvency.

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“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.”

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