• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Wednesday, February 8, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Let’s support 24 remaining savings & loans companies – Association

Nii Larte LarteybyNii Larte Lartey
August 17, 2019
Reading Time: 2 mins read
ShareShareShareShare

The Ghana Association of Savings and Loans Companies (GHASALC) is calling on the public to support Savings and Loans companies that have been cleared to continue operating following the clean-up of the sub-sector by the Bank of Ghana.

The Association says the public must remain calm and continue to do business with the companies that are currently operating.

The Bank of Ghana on Friday, August 16 announced that the licenses of 15 Savings and Loans Companies and eight Finance Houses had been revoked after they were found to be insolvent.

Among the 15 are some well-known institutions that hitherto, appeared to be operating normally.

For a few others, their collapse was not surprising as for several months their customers were unable to retrieve their savings.

Key among those whose licenses were revoked was GN Savings and Loans company which several months earlier, known as GN Bank, opted to be downgraded in the Bank of Ghana’s clean-up of the universal banking sub-sector.

According to the Executive Secretary of GHASALC, Tweneboah Kodua Boakye, the development was expected.

“We have been expecting this all this while because there were a number of institutions that were suffering as a result of these uncertainties in the market,” he said in an interview on Eyewitness News.

He said the 24 remaining savings and loans companies that were not affected by the Bank of Ghana’s action must be supported to succeed.

“There was an unfounded list going round but now the central bank has settled this. From the BoG list, it means that there are 24 savings and loans companies left in the market to do business. So we want to encourage the public to remain calm. This has happened and we were all expecting it. Let us support the companies that are left. Let’s support the system and the receivership process. If we are able to do this, I am very confident that the sector will be stronger,” he added.

He said the Association will do its best to ensure that the challenges that saw the 15 savings and loans companies lose their licenses, will be not be encountered by the remaining institutions.

“The issues that the central bank has identified and published, we will make sure that the remaining institutions will not fall into those challenges so that the industry will be stronger to serve the interest of the depositors and general public,” he said.

Mr. Tweneboah Koduah Boakye said training programs have been started for savings and loans companies to ensure that they comply fully with the directives of the Bank of Ghana.

“We have already started training our members and institutions in the law Act (930). We are also training the Board Members of the institution to ensure they comply with the law and directives. We have also been engaging the central bank on what should be should be done to strengthen the industry. So we will continue with all these processes that we have started and so we want to encourage our members to respond to our call.”

List of companies whose licenses were revoked

Licenses revoked

BoG revokes licenses of finance houses, savings and loans companies

Share1329TweetSendSend
Previous Post

HFFG calls for involvement of youth in HIV interventions

Next Post

Zoomlion, MOH to deploy technology to map mosquito breeding sites

Related Posts

Attorney General and Minister of Justice Godfred Dame
Top Stories

Publication of Covid-19 expenditure report unconstitutional – AG

February 8, 2023
Fuel Pump, Gas Station, Gasoline. Colorful Petrol pump filling nozzles isolated on white background , Gas station in a service in warm sunset. Head fuel vehicle refueling facility in Asia
Top Stories

Gold-for-oil will lead to arbitrary selection of BIDECs, unfair practices – AOMC

February 8, 2023
News

Anyinam youth clash with police over arrest of illegal miners

February 8, 2023
Top Stories

14 arrested for threatening to unleash mayhem at NPP’s elections at Enchi

February 8, 2023
News

Illegal miners dig 5 meters close to Accra-Kumasi Highway at Osino

February 8, 2023

NDC Suame youth organizer must be prosecuted, expelled – NPP demands

February 8, 2023
Next Post

Zoomlion, MOH to deploy technology to map mosquito breeding sites

TOP STORIES

Publication of Covid-19 expenditure report unconstitutional – AG

February 8, 2023

Gold-for-oil will lead to arbitrary selection of BIDECs, unfair practices – AOMC

February 8, 2023

Anyinam youth clash with police over arrest of illegal miners

February 8, 2023
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT