Home News Business Planned shutdown of some ‘troubled’ Savings and Loans companies eminent

Planned shutdown of some ‘troubled’ Savings and Loans companies eminent

0

The Bank of Ghana (BoG) would in coming weeks move in to “close down” some “troubled” Savings and loans companies that are facing “serious” financial challenges.

This is based on some engagements that central bank have had with the these institutions over their “worsening” financial position; which has necessitated the regulator taking action.

Bank of Ghana’s meeting with “troubled” institutions

JoyBusiness has gathered that on July 10, BoG engaged about 15 institutions on their worsening “liquidity position” and were advised to put in measures to deal with their “impaired capital position”.

The shareholders of these institutions were also asked to quickly move to deal with their capital challenges.

Sources say they were given a two months deadline to deal with the situation – expiring July 25 – or the Bank of Ghana takes action.

After the said engagement, BoG has also sat down with the affected companies individually to discuss their current financial position.

Previous articleNAM 1 applies for a variation to GH¢1bn bail conditions
Next article2 traders, hairdresser arrested for ‘stealing’ child in Kumasi
Success Africa is one of Ghana's education blogs with over 15 years of experience in the industry. Contact us for your adverts, services, and other related needs via email: info@successafrica.info or call/WhatsApp: +233593038091. You can also reach Successafrica.info via the following social media handles below:

Share Your Thoughts