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BoG gives Military go ahead to operate Savings and Loans Company

June 2, 2016 5:39 PM

A letter intercepted by Pulse.com.gh from Defense Industries Department dated May 30 and signed by Brigadier K Adokpa noted that SIS&L has the legal capacity to operate as a financial institution.

The Bank of Ghana has approved a license for the Ghana Armed Forces (GAF) to operate Savings and Loans Company (SIS&L).

A letter intercepted by Pulse.com.gh from Defense Industries Department dated May 30 and signed by Brigadier K Adokpa noted that SIS&L has the legal capacity to operate as a financial institution.

“To operationlise this, accounts will be opened for all military and MOD [Ministry of Defense] Civilian Employees of the Ghana Armed Forces,” the letter noted.

“The account forms have therefore been forwarded to all units. Each member of staff should therefore fill the forms accordingly.”

The letter also noted that all forms should be completed before the end of June 2016 and submitted to the GHQ (DID) through the units.

Salaries of all personnel will pass through the bank, the letter read.

“It must be noted that salaries of all personnel would pass through SIS&L but does not mean individuals cannot maintain their accounts with existing banks.