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Thursday 15 November 2018
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Central Bank expected to take action on insolvent Savings and Loans companies

The central bank is expected to take action on insolvent Savings and Loans (S&Ls) companies and finance houses in the coming weeks; an exercise that will require about GH¢2 billion to secure the funds of depositors. There are currently 37 S&L companies and 23 finance houses operating in the country. While some remain very strong, there are a few with liquidity challenges and unable to meet their obligations to clients. A source close to the central bank and the Finance Ministry told the B&FT that an announcement will be made by the central bank Governor, Dr. Ernest Addison, in a matter of days or weeks

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