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Business News of Thursday, 29 August 2019


Pensioners suffering after revocation of our licence - First Ghana Savings and Loans Ltd

First Ghana Savings and Loans Limited (FGSL) has revealed that the revocation of 16 savings and loans together with 7 finance house companies including their firm on August 16, 2019 is already having adverse effects on some of their clients who happen to be pensioners.

In a press statement signed by the convenor of the group, Robert Agbadza it noted that FGSL is the only savings and loans company in the country that has pensioners on payrolls of SSNIT and that of the Controller and Accountant General’s Department.

Hence, with the firm non-operational now because of the action taken by the Bank of Ghana, citizens have been deprived their livelihood since their meagre monthly pensions which they depend on for their upkeep can’t be paid.

The statement added that, “It was a painful sight to behold to see these elderly, some of whom came in chartered taxis, due to their health, with the highest expectation of receiving their pension to pay the drivers, only to be informed that they could not be served because the company’s licence has been revoked”.

First Ghana Savings and Loans Limited is, therefore, appealing to government to intervene of their behalf so they can serve pensioners, noting that, “the government would not be fair to us if it allows the BOG’s decision to stand”.

The firm also demands that “NIB takes its hand off First Ghana Savings and Loans to allow interested investors to take over the company”.

Please read below the full statement

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