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Business News of Friday, 31 May 2019


Licence of 386 financial institutions revoked

The Bank of Ghana (BoG) has revoked the licences of 192 insolvent microfinance companies.

The Central Bank has also revoked licences of another 155 insolvent microfinance companies that have ceased operations.

In a press release Friday, BoG explained that actions were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

This action requires the Central Bank to revoke the licence of a bank or Specialised Deposit-taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent or is likely to become insolvent within the next 60 days.

Consequently, the Bank of Ghana has appointed Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of Act 930.

Below is the list: