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Business News of Wednesday, 21 August 2019

Source: citibusinessnews.com

My GH¢9m deposit is locked up at Global Access - Dr. Kofi Amoah

The majority share owner of defunct Global Access Savings and Loans company, Dr. Kofi Amoah, has revealed that he has about GH¢9 million deposits locked up in the company.

Dr. Amoah explained that quite apart from being the owner, he deposited about GH¢20 million in placement into a number of investment instruments to help the company’s struggles to mobilise deposits for onward lending to the public.

“I have GH¢9 million of my money in Global Access…If I am not paid, I have lost that money. I used to deposit GH¢20 million to help them because at some point they didn’t have monies to give out as loans. Banks’ major revenue line is loan interest income.

And most savings and loans struggle to raise deposits and if you don’t have deposits you can’t give loans. So, I put in GH¢20 million of my own money in a current account, savings accounts etc which they used to give out loans,” he added.

Dr. Kofi Amoah was speaking on Good Evening Ghana, a current affairs programme on Accra-based Metro TV.

Global Access Savings and Loans was part of the 16 savings and loans companies which had their licenses revoked by the Bank of Ghana after they were declared insolvent.

The central bank subsequently appointed a receiver, Eric Nana Nipah, to supervise the payments of depositors and creditors as well as maximising realisations from assets.