Ghana Revokes Licenses of 23 Insolvent Financial Institutions

A total of 23 Ghanaian financial institutions have their licenses revoked because of insolvency, a statement from Ghana's central bank reached to Xinhua on Saturday, Xinhuanet reported. The 23 institutions were within the savings and loans as well as the finance house categories of the financial sector. Even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency, the statement said, the institutions had remained bankrupt. As a result of the clean-up exercise which started in 2017, licenses of 10 universal banks, 39 microcredit companies, and 349 small loan companies had been revoked by the central bank as of the end of May. Read more