{"id":683543,"date":"2019-08-16T17:11:42","date_gmt":"2019-08-16T17:11:42","guid":{"rendered":" <br><p><strong>Dr. Ernest Addiso<\/strong>n<\/p>\n\n\n\n<p>The Bank of Ghana has, with effect from Friday 16, 2019, revoked the licences of 23 insolvent savings and loans companies and finance house companies.<\/p>\n\n\n\n<p>The actions, according to BoG in a state"},"modified":"2019-08-16T17:11:42","modified_gmt":"2019-08-16T17:11:42","slug":"bog-revokes-licenses-of-23-banks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/16\/bog-revokes-licenses-of-23-banks\/","title":{"rendered":"BoG Revokes Licenses Of 23 \u2018Banks\u2019"},"content":{"rendered":"<p><\/p>\n<p><strong>Dr. Ernest Addiso<\/strong>n<\/p>\n<p>The Bank of Ghana has, with effect from Friday 16, 2019, revoked the licences of 23 insolvent savings and loans companies and finance house companies.<\/p>\n<p>The actions, according to BoG in a statement, 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 <br \/>\nBank of Ghana determines that the institution is insolvent. <\/p>\n<p>The Bank of Ghana has also <br \/>\nappointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930, the statement announced.<\/p>\n<p>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 recapitalized by their shareholders to return them to solvency, it added.<\/p>\n<p>According to the statement, it is the Bank of Ghana\u2019s assessment that these institutions have no reasonable prospects of recovery, and that their continued existence poses severe risks to the stability of the financial system and to the interests of their <br \/>\ndepositors.<\/p>\n<p>In line with the Government\u2019s commitment to protect depositors\u2019 funds, the Government has made funds available to enable the Receiver pay depositors after their <br \/>\nclaims are validated, it said.<\/p>\n<p>The Receiver will in due course make an announcement with <br \/>\nregards to when and where payments will be made, the statement added.<\/p>\n<p>The Receiver, it said, will also indicate <br \/>\ndocuments required from depositors to facilitate the validation of claims and orderly payment of validated deposits. <\/p>\n<p>&#8220;Other creditors of the failed institutions will be settled by the Receiver upon validation of their claims and to the extent that the Receiver is able to <br \/>\nrealise value from the remaining assets of these institutions.&#8221;<\/p>\n<p>The Bank of Ghana has also with effect from today, revoked the licences of two non bank financial institutions, namely Express Funds International Ltd (remittance company) and Ghana Leasing Company Ltd (leasing company) which are insolvent and have been inactive for a number of years, it said.<\/p>\n<p>This action is pursuant to Section 7 of the Non-Bank Financial Institutions Act, 2008 (Act 774), which mandates the Bank of Ghana to revoke the licence of a non-bank financial institution licensed under that Act if that institution among other things ceases to carry on business.<\/p>\n<p>The Bank of Ghana has <br \/>\nnotified the Registrar of Companies of the revocation of these two licences, it said.<\/p>\n<p>List of Shutdown Companies <\/p>\n<p>1 Accent Financial Services Ltd. Finance House<br \/> 2 Adom Savings and Loans Ltd. Savings and Loans Company<br \/> 3 AllTime Finance Ltd. Finance House<br \/> 4 Alpha Capital Savings and Loans Ltd. Savings and Loans Company<br \/> 5 ASN Financial Services Ltd. Savings and Loans Company<br \/> 6 CDH Savings and Loans Ltd. Savings and Loans Company<br \/> 7 Commerz Savings and Loans Ltd. Savings and Loans Company<br \/> 8 Crest Finance House Ltd. Finance House<br \/> 9 Dream Finance Company Ltd. Finance House<br \/> 10 Express Savings and Loans Company Ltd. Savings and Loans Company<br \/> 11 First African Savings &amp; Loans Company Ltd. Savings and Loans Company<br \/> 12 First Allied Savings and Loans Co. Ltd. Savings and Loans Company<br \/> 13 First Ghana Savings and Loans Co. Ltd. Savings and Loans Company<br \/> 14 FirstTrust Savings and Loans Ltd. Savings and Loans Company<br \/> 15 Global Access Savings and Loans Company Ltd. Savings and Loans Company<br \/> 16 GN Savings and Loans Ltd. Savings and Loans Company<br \/> 17 Ideal Finance Ltd. Finance House<br \/> 18 IFS Financial Services Ltd. Finance House<br \/> 19 Legacy Capital Savings and Loans Ltd. Savings and Loans Company<br \/> 20 Midland Savings and Loans Company Ltd. Savings and Loans Company<br \/> 21 Sterling Financial Services Ltd. Finance House<br \/> 22 Unicredit Savings and Loans Ltd. Savings and Loans Company<br \/> 23 Women\u2019s World Banking Savings and Loans Co. Ltd<\/p>\n<p><strong>BY Melvin Tarlue <\/strong><\/p>\n<p>The post BoG Revokes Licenses Of 23 &#8216;Banks&#8217; appeared first on .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Ernest Addison The Bank of Ghana has, with effect from Friday 16, 2019, revoked the licences of 23 insolvent savings and loans companies and finance house companies. The actions, according to BoG in a statement, were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":683544,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-683543","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG Revokes Licenses Of 23 \u2018Banks\u2019 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/16\/bog-revokes-licenses-of-23-banks\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BoG Revokes Licenses Of 23 \u2018Banks\u2019 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr. Ernest Addison The Bank of Ghana has, with effect from Friday 16, 2019, revoked the licences of 23 insolvent savings and loans companies and finance house companies. 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