{"id":685149,"date":"2019-08-19T08:05:24","date_gmt":"2019-08-19T08:05:24","guid":{"rendered":"
\n
<\/p>\n
\n
\n
\"\"
President of the National House of Chiefs, Togbe Afede XIV<\/figcaption><\/figure>\n<\/div>\n

President
\n of the National House of Chiefs, Togbe Afede XIV is unhappy with the
\nmanner in which the Bank of Ghana (BoG) handled its recent cleanup of
\nthe Savings and Loans sector.<\/p>\n

He believes the Central Bank could have been handled its crackdown on the sector in a more helpful way than it did.<\/p>\n

Speaking to Joy News\u2019 Kojo Yankson at the British High Commission in Accra, the former Chairman of the National Investment Bank (NIB) said \u201cI think that the approach could have been different \u2013 less destructive than we have today and should have been informed by a lot of scientific analysis.<\/p>\n

\u201cIt
\n is important that some of these things are approached with a little
\nmore patience so that you don\u2019t create more problems than we are trying
\nto solve,\u201d he added.<\/p>\n

Togbe
\n Afede acknowledges the many issues some of the Savings and Loans sector
\n fraught with but said the companies that operated genuinely, should
\nhave been given the opportunity to bounce back.<\/p>\n

A
\n complete closure, in his view, makes the Savings and Loans sector
\nconfused leaving many of the companies to cave in when they must not.<\/p>\n

\u201cThe
\n kind of panic that we saw resulting from the way the process was
\nhandled, itself was not good. It could have been managed a little better
\n so that the genuine ones who have done genuine lending could survive
\njust by their debts being set off here and there.<\/p>\n

\u201cI think that a little more caution could have helped the process,\u201d he stressed.<\/p>\n

Background<\/strong><\/p>\n

The
\n Bank of Ghana (BoG) on Friday, August 16 revoked the licences of
\ntwenty-three insolvent savings and loans companies and finance house
\ncompanies.<\/p>\n

According
\n to a statement from BoG, \u201cThe revocation of the licences of these
\ninstitutions has become necessary because they are insolvent even after a
\n reasonable period within which the Bank of Ghana has engaged with them
\nin the hope that they would be recapitalized by their shareholders to
\nreturn them to solvency.\u201d<\/p>\n

The
\n statement added, \u201cIt is the Bank of Ghana\u2019s assessment that these
\ninstitutions have no reasonable prospects of recovery, and that their
\ncontinued existence poses severe risks to the stability of the financial
\n system and to the interests of their depositors.\u201d<\/p>\n

These
\n actions were taken pursuant to Section 123 (1) of the Banks and
\nSpecialised Deposit-Taking Institutions Act, 2016 (Act 930), which
\nrequires the Bank of Ghana to revoke the licence of a Bank or
\nSpecialised Deposit-Taking Institution (SDI) where the Bank of Ghana
\ndetermines that the institution is insolvent.\u201d<\/p>\n

The BoG also appointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.<\/p>\n

Source: Myjoyonline.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

President of the National House of Chiefs, Togbe Afede XIV President of the National House of Chiefs, Togbe Afede XIV is unhappy with the manner in which the Bank of Ghana (BoG) handled its recent cleanup of the Savings and Loans sector. 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