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Business News of Wednesday, 21 August 2019


Customers storm Women’s World Banking for deposits

Customers of the Women’s World Bank (WWB) in Tema Community One, have stormed the bank to demand their deposits following the revocation of its license by Bank of Ghana.

The WWB is one of the 23 insolvent financial institutions which lost their licenses in a clean up by the Central Bank.

The customers, mostly women, numbering over 250, thronged the bank premises at the Community one market, amidst anxiety as they requested for the refund of their entire savings.

Most of them were petty traders, market women, students and other petty entrepreneurs.

At about 1100 hours, when the Ghana News Agency visited the bank, the customers had picketed in front of the bank which is located close to the fresh fish selling point in an area called Maame Sekonde.

Their presence at the place caused some inconvenience to traders and buyers as they completely blocked the narrow path between the bank and other shops.

The customers told the GNA that their deposits ranged between GH¢1,500.00 and GH¢10,000.00.

According to the visibly frustrated customers, they rushed to the bank to withdraw their savings as they did not agree with the decision of BOG.

“We don’t trust the system of the takeover because we know once the Bank of Ghana take over, we will not get our monies again so we want to collect the money today before we leave this premises,” they said.

Madam Faustina Bruce, a customer of the bank, said that even though she had no intentions to stop saving with the bank, she came to the premises to assess the situation after hearing of the takeover.

Madam Bruce indicated that “I saw the news this morning on social media, but it is not anything new because this is not the first bank to have been taken over by BOG, I still stand by the bank because it is a good bank. This is not a bank closing down, it’s being taken over by another bank”.

Miss Esther Anku, another customer also expressed her surprise at the revocation of the bank’s license by the BOG as according to her ‘a bank with the name world, should be a bank of good reputation so I still don’t understand why BOG should revoke the license of a bank which is well known and also supporting us the traders here with loans to boost our business”.

Master Samuel Ofori, a student and a customer, noted that, “I have been here since morning to redraw some money to pay my school fees, but I am yet to access the building since 0800 hours, looking at how things are going, I think I would have to redraw all my money and close the account”.

Miss Ernestina, another customer, urged the media not to only announce such takeovers and closures but rather provide the needed information on such issues to prevent fear and panic.