{"id":746012,"date":"2019-11-16T20:46:42","date_gmt":"2019-11-16T20:46:42","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/16\/help-customers-recover-monies-from-defunct-banks\/"},"modified":"2019-11-16T20:46:42","modified_gmt":"2019-11-16T20:46:42","slug":"help-customers-recover-monies-from-defunct-banks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/16\/help-customers-recover-monies-from-defunct-banks\/","title":{"rendered":"Help customers recover monies from defunct banks"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"522\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/11\/IMG-20191028-WA0005-Copy-696x522.jpg\"   alt=\"Menzgold\" title=\"Menzgold\"\/><figcaption class=\"wp-caption-text\">Some Menzgold  customers<\/figcaption><\/figure>\n<\/div>\n<p>The Ghana Catholic Bishops\u2019 Conference has appealed to the<br \/>\ngovernment to help customers of the defunct banks and savings and loans<br \/>\ncompanies recover their locked up monies.<\/p>\n<p>According to the Bishops, although the revocation of licenses by the Central Bank is justified and was necessary to save Ghana\u2019s financial sector, government\u2019s utmost intervention is needed in funds recovery.<\/p>\n<p>\u201cTo the extent that the exercise [financial sector clean up] is meant to protect depositors from losing their hard-earned monies, we commend the Central Bank.\u201d<\/p>\n<p>ALSO READ: <strong>We are very satisfied with the 2020 budget \u2013 GUTA<\/strong><\/p>\n<p>The Bishops stated this in a communiqu\u00e9 containing<br \/>\nresolutions taken after the group\u2019s annual plenary assembly.<\/p>\n<p>\u201cWe are, however, concerned about many Ghanaians whose<br \/>\nmonies have been locked up in these defunct institutions with no hope of<br \/>\nredeeming their investments and appeal to the government to help these people<br \/>\nrecover their monies,\u201d the statement added.<\/p>\n<p>Meanwhile, the Bishops urged the government to \u201cconsciously protect indigenous financial institutions that are only starting, from being swallowed up by the big international and other powerful financial institutions\u201d.<\/p>\n<p>ALSO READ: <strong>You can come for tutorials on loan usage \u2013 Finance Minister tells NDC<\/strong><\/p>\n<p>The financial sector clean-up started in August 2017, has<br \/>\nled to the collapse of nine universal banks, 347 microfinance companies, 39<br \/>\nmicrocredit companies or money lenders, 15 savings and loans companies, 8<br \/>\nfinance house companies, and two non-bank financial institutions over issues of<br \/>\nmaintaining the minimum capital requirement.<\/p>\n<p>The most recent was the Securities and Exchange Commission (SEC)\u2019s revocation of licenses of some 53 Fund Management Companies said to be managing a customer base of about 56,000 whose funds run in excess of GH\u00a28 billion.<\/p>\n<figure class=\"wp-block-image size-large td-caption-align-https:\/\/www.adomonline.com\/wp-content\/uploads\/2019\/11\/image-179.png\"><img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/11\/image-179-727x1024.png\" alt=\"\" class=\"wp-image-1722269\"  \/><\/figure>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Some Menzgold customers The Ghana Catholic Bishops\u2019 Conference has appealed to the government to help customers of the defunct banks and savings and loans companies recover their locked up monies. According to the Bishops, although the revocation of licenses by the Central Bank is justified and was necessary to save Ghana\u2019s financial sector, government\u2019s utmost [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":733414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-746012","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>Help customers recover monies from defunct banks - 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\/11\/16\/help-customers-recover-monies-from-defunct-banks\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Help customers recover monies from defunct banks - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Some Menzgold customers The Ghana Catholic Bishops\u2019 Conference has appealed to the government to help customers of the defunct banks and savings and loans companies recover their locked up monies. 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