The Bank of Ghana has revoked the licences of some 192 insolvent microfinance companies.
In addition, licences of another 155 insolvent microfinance companies that have ceased operations has been revoked.
BoG in a statement said these actions were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a bank or Specialised Deposit-taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent or is likely to become insolvent within the next 60 days. Consequently, the Bank of Ghana has appointed Mr. Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of Act 930.
READ ALSO:Â
Â