Ghana revokes licenses of 23 financial institutions

Ghana’s central bank has revoked the licenses of twenty-three (23) financial institutions mostly savings and loans companies. The Bank of Ghana in a statement on Friday said the financial institutions were insolvent and unable to operate properly. The revocation of the licences of the 23 institutions, according to the central bank had to be executed after the institutions failed to recapitalize on time. The statement from the bank said “It is the Bank of Ghana’s assessment that these institutions have no reasonable prospects of recovery, and that their continued existence…

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