{"id":630791,"date":"2019-06-04T07:23:30","date_gmt":"2019-06-04T07:23:30","guid":{"rendered":"
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The Bank of Ghana will soon descend on the savings and loans sector as part of measures to clean up Ghana\u2019s banking space.<\/p>\n

The central bank is currently going through processes to come up with a plan to clean up the savings and loans sector just like it has done in other categories within the banking sector.<\/p>\n

Speaking on Point on View<\/strong> on Citi TV<\/strong> on Monday, the Head of Other Financial Institutions Supervision, Mr. Joseph Amoah-Awuah said over GH\u00a2 6 million of depositors\u2019 monies are at risk in the savings and loans and financial houses.<\/p>\n

He said the Bank of Ghana does not have the required resources yet to clean up those spaces but will act in due course.<\/p>\n

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\u201cEstimates of how much deposits are at risk is public knowledge, over GH\u00a26 million. We have to do further works to document these liabilities and so on. You cannot touch it if you do not have a resolution plan,\u201d he said<\/p>\n

\u201cIn our system, Bank of Ghana is the resolution authority but it cannot move if there is no physical resources behind it. Work is being done. The Governor of the Bank of Ghana has given that commitment and what we are trying to do is to clean the entire financial system. The plan is not ready because there has to be a comprehensive plan,\u201d he told host of the show, Bernard Avle on Monday.<\/p>\n<\/blockquote>\n