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Business News of Saturday, 24 August 2019

Source: citinewsroom.com

We’re working to retrieve funds from collapsed finance companies - Association of Finance Houses

The Association of Finance Houses has welcomed the central bank’s clean-up of the finance house sector urging the public to exercise patience as the remaining companies retrieve funds locked up with some of the collapsed companies.

A statement signed by its Executive Secretary Kokui Adu, stated that the finance houses that survived the clean up have their funds locked up with some of the affected companies and engagement with the receiver to retrieve same is ongoing.

“However, the process of claim validation and effecting of payments by the receiver will take some time to complete. We, therefore, appeal to all clients to exercise restraint as we work with the receiver to meet your requests,” the release said.

In the statement, the association said, stands ready to ensure that its members continue to operate within the requirements of the Bank of Ghana, adopting best practices in corporate governance and treating depositors with care and respect.

The Bank of Ghana last Friday announced the revocation of the licenses of eight finance houses that the bank had declared insolvent and unable to meet customers’ demands for deposits.