• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Finance Minister reveals when Savings and Loans sector cleanup will begin

19/06/2019
Reading Time: 2 mins read
ken_ofori_atta
0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Finance Minister Ken Ofori-Atta has indicated that the planned cleanup of the Savings and Loans sector would happen before the end of September this year.

He said the government is currently working to secure the required funds are provided to aid this exercise by the regulator.

Speaking to Journalist in Malabo, Equatorial Guinea at the just ended African Development Bank Annual Meetings, Mr Ofori-Atta said their action would be guided by lessons from the previous cleanup.

Mr Ofori-Atta said, “It has been a very expensive exercise, in all we’ve spent GH¢12 to GH¢14 billion already and that’s really a stretch on our budget but somehow we’ve been able to do that.”

He added, “I think we are going to spend somewhere around a billion for the MFIs and that’s ongoing, I think it’s gone well so far and then we need to tackle the S&Ls. We are hoping before September; so we are gearing ourselves up to find the resources for that.”

The Bank of Ghana last month began its second round of financial sector clean up to close down microfinance companies that were insolvent and facing serious liquidity issues. 

The regulator plans to the move into the rural banking and savings and loans space especially for those facing liquidity challenges.

Earlier, the Governor of the Bank of Ghana, Dr Ernest Addison said, a few savings and loans firms have shown signs of insolvency and will have to be liquidated just as has happened with the banks.

According to the central bank, there are currently 37 licenced savings and loans companies operating across the country. 



Previous Post

Central Bank Governors in West Africa commit to 2020 deadline for a common currency

Next Post

Another GH¢5.5bn needed to finish financial sector cleanup—World Bank report

Related Posts

BoG maBOG, Policy rate, Lending rate,, ghanatalksbusiness.com

Policy Rate at 13.5 percent – Why Lending Rates would still be High

24/08/2021
payment service providers, ghanatalksbusiness.com

List of approved electronic money issuers & payment service providers – BoG

08/04/2021
BoG maBOG, Policy rate, Lending rate,, ghanatalksbusiness.com

Why BoG is maintaining policy rate at 14.5% for the 5th consecutive time

02/02/2021
ransford_sowah

Meet Ransford Sowah the former CEO of the oldest commercial bank in Ghana

05/10/2020
BoG abolishes unfair fees

Banks handle Customer Complaints poorly- Bank of Ghana reports

09/06/2020
Savings and Loans Companies, GHASALC, ghanatalksbusiness

How COVID-19 has impacted the Liquidity of Savings and Loans companies

12/05/2020
Next Post
World Bank support, ghanatalksbusiness.com

Another GH¢5.5bn needed to finish financial sector cleanup—World Bank report

electricity, IPPs, ghanatalksbusiness.com

4000 megawatts of power sitting idle in Ghana – Energy Commission

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2023 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2023 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In