• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Depositor Refund Challenge Hindering BoG From Further License Revocation of Troubled Savings & Loans Companies – BoG Governor Says

7 months ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
4
2.4k
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Depositor Refund Challenge Hindering BoG From Further License Revocation of Troubled Savings & Loans Companies – BoG Governor Says

Governor of the Bank of Ghana, Dr Ernest Addison, has said the banking sector clean-up exercise which saw the collapse of several financial institutions was not fully completed as there are currently, some troubled savings and loans companies whose licenses need to be revoked.

According to the Governor, the single major reason why the licenses of these troubled savings and loans companies have not been revoked is because the Government at the moment, does not have the resources to refund depositors of these savings and loan companies in the aftermath of the revocation of their licenses.

“The non-completion of the banking sector clean-up exercise is an issue that has been part of our discussions with the IMF.

“Because, some of the savings and loans companies are still in trouble as I speak, but their licenses have not been revoked, and the reason their licenses have not been revoked is that the Government does not have the resources to refund depositors, it is as simple as that,” he remarked speaking during an interview on PM Express monitored by norvanreports.

“And on that particular issue, we have been waiting for three years to get budgetary resources to be able to refund depositors after liquidating the savings and loans companies, but so far budgetary resources have not been made available to deal with that,” he added.

Speaking further, the Governor noted that the troubled savings and loans whose licenses have not been revoked, do not pose any systemic threat to the financial sector, given their size and exposures.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

“Fortunately for us, these savings and loans companies are not systemic institutions when you look at their size and the amount of exposures they have, and therefore really, they do not have a systemic impact on the financial sector,” he intimated.

The financial sector clean-up undertaken between 2017 and 2020, significantly restructured Ghana’s banking landscape. The number of banks in the country was reduced from 34 to 23, while 347 microfinance institutions, 15 savings and loans companies, and eight finance houses had their licenses revoked.

As part of the reforms, some banks were merged to form the Consolidated Bank Ghana Limited, while others were acquired by state-owned GCB Bank. The Securities and Exchange Commission (SEC) also revoked the licenses of 53 fund management companies.

The clean-up exercise aimed to address corporate governance lapses and insolvency issues within the financial sector. The government pegged the total cost of its fiscal intervention at GHS 16.4 billion, excluding interest payments in 2019, although Vice President Dr. Mahamudu Bawumia later claimed that the clean-up exercise cost the state about GHS 25 billion.

Tags: BoG GovernorDepositor Refund ChallengeDepositor Refund Challenge Hindering BoG From Further License Revocations of Troubled Savings & Loans Companies – BoG Governor SaysTroubled Savings & Loans Companies

Comments 4

  1. Anthony Mensah says:
    7 months ago

    There should be a thorough audit on this bank cleaning exercise. ORAL should be interested in modus operandi of the bank clean up looking at the expenditure incurred and whether it has served its purpose.

    Reply
  2. Lawrence Kwaw Sam says:
    7 months ago

    WHAT IS THE GOVERNMENT DOING TO THE ARCHITECHS OF THIS GROSS FINANCIAL MISMANAGEMENT?
    I’M A PENSIONER WHO INVESTED MY LIFE LONG WORKING FUNDS WITH SOME OF THESE FINANCIAL INSTITUTIONS, REGULATED BY BOTH BOG & SEC.
    FOR THE PAST FOUR YEARS, I HAVE NOT BEEN ABLE TO ACCESS EVEN MY PRINCIPLE, NOT TALKING ABOUT THE INTEREST.

    Reply
  3. Eric Meredith says:
    7 months ago

    why don’t they(B.O.G.) hold the officers involved criminally for violation of Ghana Laws. you can look at almost every commercial Bank & 99% of the Rural banks shouldn’t be banks at all. U.M.B. C.E.O. has conspired with Alibaba & Alibaba SELLER’S who committed FRAUDULENT Billing & BILLED ($261.00) U.S. Dollars for DHL EXPRESS SHIPPING from China to Sunyani , Ghana. Even though U.M.B. HAS aided in the sellers THEFT of ($261.00) Dollars from shipping an 1qkg cardboard box approx (1ft x 1ft x 1ft or (1 Cubic Foot), but insteadnof paying ($261.00) Dollars to DHL Shipping as Billed for SERVICES NOT RENDERED & Send ($0.00) ZERO Dollars & SENT My Tracking Number by (C.O.D.); CASH ON DELIVERY & by her stealing my ($261.00) Dollars & Paying Nothing ($0.00) ZERO Dollars To DHL. if thisbSeller had paid any money, (1) GHANA CEDIS, (1) CHINESE YUAN & ($1.00) U.S. Dollar regardless , she would have the receipt that SHE PAID & NOT since the seller did not pay DHL ANY MONEY AT ALL!!!!!!! why did U.M.B. give my exact same receipt that I Eric Meredith PAID (260.00) GHANA CEDIS PRINTED IN BLACK CAPITAL LETTERS TWO HUNDRED SIXTY GHANA CEDIS (260.00) GHC at the time of exchange rate if this Chinese SELLER PAID CHINESE DHL Shipping Office in GHANA CEDIS THAT I WAS FORCED TO PAY TWICE but even if U.M.B. want to protend that this DHL PAID IN GHANA CEDIS exchanged to U.S. Dollars was ($20.15) Dollars with an OVER CHARGED OF (240.85) U.S.Dollars that the seller if her receipt has GROSSLY OVER by ($240.00) U.S. Dollars. so the C.E.O. of U.M.B. (#1) doesn’t know the difference between a (0) & a (1)!!!!! let alone anything about exchange rates U.M.B. reply from the Seller that U.M.B. ARE CONSPRIACING WITH THIS SELLER, Alibaba.com & U.M.B. all have FRAUDULENTLY BILLED FOR SERVICE NOT RENDERED!!! Chinese DHL OFFICE WILL ONLY ACCEPT CHINESE YUAN For THEIR ONLY CURRANCY., Yes, she did bill ($261.00) Dollars IN THE EQUIVALENT IN CHINESE YUAN!!!! NOT IN GHANA CEDIS!!!! IN FACT The Sunyani, GHANA DHL MANAGER WILL BE SUBPOENAING HIM TO TESTIFY AGAINST The SUNYANI BRANCH MANAGER & The C.E.O. That the EXACT SAME RECEIPT THAT U.M.B. IS Claiming is her’s will TESTIFY that he received the (260.00) GHANA CEDIS & The SELLER PAID CHINESE DHL OFFICE ($0.00) Dollars, (0.00) Chinese YUAN & (0.00) GHANA CEDIS

    Reply
  4. Ike says:
    7 months ago

    I have my investment locked up with NDK Financial Services.For the past 5 years I have not been able to retrieve a pesewa.NDK was not affected by the clean up.Why am I not getting my money

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.