The auction for vehicles and motorbikes of collapsed microfinance and savings and loans companies is underway.
The exercise which is being carried out at the College of Physicians and Surgeons is part of measures to defray monies due the affected customers of the collapsed financial institutions.
The Bank of Ghana in May and August last year [2019] revoked the licenses of 347 microfinance and microcredit companies and 23 Savings and loans and finance houses for various regulatory infractions.
Today’s [Monday] exercise which is under the auspices of the Receiver, Eric Nana Nipah is being carried out by three auctioneering firms; Wildos Mart, Yakarmata Mart and Broadway Mart.
Among the first deals, a registered Hyundai I10 2014 was auctioned for GHS 22,600 cedis.
Also, a registered Toyota Hilux 2018 has been auctioned for GHS30,000 while a registered Great wall Vollex 2014 has also been auctioned for GHS10,100.
A key component of the Receiver’s mandate is to secure all assets of the dissolved companies and maximize their realizations for the benefit of creditors.
The Bank of Ghana in accordance with Section 123(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (PwC) as the Receiver for the purposes of winding down the affairs of these institutions.
