Closed down Savings and Loans customers threaten ‘No vote’ in 2020

A coalition of customers by the closure of some savings and loans companies in the country have threatened not to vote in the 2020 general elections if they do not receive their locked up investments.

The group numbering over 600 organized at a news conference in Kumasi expressed their displeasure about government’s inability to pay them.

According to them, the situation is having adversely impact on the members of the group.

Spokesperson of the group, Ezekiel Annor Akagbo, said trust is gradually being lost by the citizenry in the country’s financial institutions following recent developments in the sector.

The Bank of Ghana on August 16, 2019 revoked the licences of 23 insolvent savings and loans companies as well as financial house companies.

“The revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency,” BoG said.

It appointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.

But contrary to reports by the receiver that most of the affected persons have been paid, Mr Akagbo said their members continue to wallow in poverty as they have been unsuccessful in accessing their funds.

Members of the group at the news conference said they will not take part in next year’s general elections if they do not receive their locked up funds.

They also called for the prosecution of persons whose actions and inactions led to the collapse the affected financial institutions including persons at the Bank of Ghana.