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Banking sector clean-up completed: BoG says

August 17, 2019 7:05 AM

The Bank of Ghana (BoG) has announced the completion of the banking sector clean-up and reforms which began in August 2017.

Dr Ernest Addison, Bank of Ghana Governor

"This follows the revocation of the licences of nine (9) universal banks, 347 micro-finance companies (of which 155 had already ceased operations), 39 micro credit companies/money lenders (10 of which had already ceased operations), 15 savings and loans companies, eight (8) finance house companies, and two (2) non-bank financial institutions that had already ceased operations,” the BoG said in a statement.

The statement added that: "The Bank of Ghana is committed to ensuring that the banking, SDI, and NBFI sectors remain resilient, inclusive, and supportive of Ghana’s economic growth trajectory. To ensure that the remaining institutions remain resilient going forward, the Bank of Ghana will remain vigilant, intensify on-site examinations and enforcement actions including the application of sanctions for non-compliance with statutory, prudential and other requirements, and ensure that early warning signs of distress are mitigated by regulated institutions expeditiously.”

The BoG's latest statement came after its announced the shut down of 22 savings and loans companies.

The shut down affected GN Savings and Loans, ASN Financial Services, Midland Savings and Loans, Unicredit Savings and Loans and Women’s World Banking Savings and Loans.