BoG likely to shut down 20 savings and loans companies

The Bank of Ghana’s decision to close down more than half of the 37 licensed savings and loans companies is imminent, a source close to the central bank has told Citi Business News.

According to the source, who asked not to be named, about 20 struggling savings and loans companies would have their licenses revoked any moment from now, suggesting that next week looks plausible.

The Finance Minister Ken Ofori-Atta in June had stated that the clean-up of the savings and loans sector will happen before September this year.

Citibusiness news