The Bank of Ghana (BoG) says per its records, there will be no job loses following the revocation of licences of 386 micro-finance and micro-credit companies.

In a question and answer sheet released hours after the announcement, the Bank of Ghana, said some of the insolvent and already dormant financial institutions, ceased operations on their own before their licences were revoked.

As a result, they have no employees currently and there will be no job loses from the revocation of their licences, per records available to Bank of Ghana.

It said even with the insolvent institutions that had not ceased operations, the Bank of Ghana does not anticipate a lot of job loses as many of them had downsized their operations.

Explaining why it is taking such an action now, the Central Bank said insolvent financial institutions threaten the stability of and undermine confidence in the entire financial system.

It said it took action after giving the affected institutions ample opportunity to recover from insolvency and to address other identified supervisory concerns.