The Bank of Ghana has in a statement released on Friday, August 16 announced that the licenses of some 23 Savings and Loans and Financial Services companies have been revoked.
According to the BoG, the 23 institutions are insolvent and have been unable to recapitalize although the Bank of Ghana gave them a grace period to do so.
The revocation of these licenses forms part of efforts by the Bank of Ghana to clean up the financial sector.
LIST OF TWENTY-THREE (23) INSOLVENT INSTITUTIONS WHOSE LICENCES HAVE BEEN REVOKED
| NO. | NAMES OF INSOLVENT INSTITUTIONS | NATURE OF LICENSE |
| 1 | Accent Financial Services Ltd. | Finance House |
| 2 | Adom Savings and Loans Ltd. | Savings and Loans Company |
| 3 | AllTime Finance Ltd. | Finance House |
| 4 | Alpha Capital Savings and Loans Ltd. | Savings and Loans Company |
| 5 | ASN Financial Services Ltd. | Savings and Loans Company |
| 6 | CDH Savings and Loans Ltd. | Savings and Loans Company |
| 7 | Commerz Savings and Loans Ltd. | Savings and Loans Company |
| 8 | Crest Finance House Ltd. | Finance House |
| 9 | Dream Finance Company Ltd. | Finance House |
| 10 | Express Savings and Loans Company Ltd. | Savings and Loans Company |
| 11 | First African Savings & Loans Company Ltd. | Savings and Loans Company |
| 12 | First Allied Savings and Loans Co. Ltd. | Savings and Loans Company |
| 13 | First Ghana Savings and Loans Co. Ltd. | Savings and Loans Company |
| 14 | FirstTrust Savings and Loans Ltd. | Savings and Loans Company |
| 15 | Global Access Savings and Loans Company Ltd. | Savings and Loans Company |
| 16 | GN Savings and Loans Ltd. | Savings and Loans Company |
| 17 | Ideal Finance Ltd. | Finance House |
| 18 | IFS Financial Services Ltd. | Finance House |
| 19 | Legacy Capital Savings and Loans Ltd. | Savings and Loans Company |
| 20 | Midland Savings and Loans Company Ltd. | Savings and Loans Company |
| 21 | Sterling Financial Services Ltd. | Finance House |
| 22 | Unicredit Savings and Loans Ltd. | Savings and Loans Company |
| 23 | Women’s World Banking Savings and Loans Co. Ltd. | Savings and Loans Company |
Source: 3news.com|Ghana