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Business News of Saturday, 3 August 2019

Source: Myjoyonline.com

Planned shutdown of some 'troubled' Savings and Loans companies eminent

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 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.