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BoG details why some Savings and Loans institutions failed

Deputy Governor of the Bank of Ghana (BoG), Elsie Awadzi, has said many Savings and Loans Companies that collapsed in 2019 had flouted key regulations before their licences were eventually revoked. According to her, many of these companies were given licences when the requisite due diligence had not been conducted. “Many of these companies were

Savings And Loans Association Welcomes Gh3.56bn Released For Aggrieved Customers

The Ghana Association of Savings and Loans Company is happy with moves by government to make full payments of the funds owed customers of defunct Microfinance companies, 23 Savings and Loans firms and Finance Houses. According to the group, this has come at an opportune time where the relief they have been seeking as a

Savings and Loans companies record highest loan disbursement in the Credit Market

At the 10th Annual General Meeting of the Ghana Association of savings and Loans Companies (GHASALC) , held virtually due to the pandemic, the Executive Director Tweneboah Kodua Boakye was excited about the association’s highest disbursement number of loans in the whole credit space. He said, “It is heartwarming to note that our sector disburses

Ghana’s financial intermediaries to receive $250m World Bank support

The country is set to receive a total of $250 million to advance the Ghana Development Finance Project, the World Bank Group has revealed. This will involve wholesale financing to financial intermediaries such as savings and loans companies to on lend to Micro, Small and Medium Enterprises (MSME). It is, therefore, working with the Finance

GHASALC extends more support in COVID-19 fight

The Ghana Association of Savings and Loans Companies (GHASALC) has presented a cheque for GH¢50,000 to the National COVID-19 Trust Fund, after a similar gesture was made to the Ga East Hospital treatment Centre two weeks ago. The cheque was presented to the Trust Fund by the National Board Chairman, Kwaku Duah Berchie, on behalf

Ghana Assoc. of Savings & Loans supports Ga East Municipal Hospital COVID-19 Treatment centre

The Ghana Association of Savings and Loans Companies (GHASALC), has donated assorted items valued at 50,000 cedis to the National COVID-19 Treatment Centre at Ga East Municipal Hospital at Kwabenya in the Greater Accra Region. The Executive Secretary of the Association, Tweneboah Kodua Boakye, said the donation, which includes medical essentials such as Omron i11

Allow our members to disburse ¢600m stimulus package – GHASALC urges government

The Ghana Association of Savings and Loans Companies (GHASALC) urges the government to allow its members to disburse the ¢600m stimulus package announced by President Akufo-Addo earlier this month. Speaking to JoyBusiness, Executive Secretary of the Association, Tweneboah Kodua said the right channel through which monies of such nature can reach the targeted groups is

Majority of S&L customers yet to receive locked-up funds

Majority of customers of the several defunct savings and loans companies have not received their deposits almost six months after the Bank of Ghana revoked their licences. According to the Executive Secretary to the Ghana Association of Savings and Loans Companies (GHASALC), Tweneboah Kodua Boakye, the Receiver had done very little in communicating to the

Receiver steps up efforts to expedite Action on Customer Claims

The Receiver of the 347 Micro-finance Companies and the 23 Savings & Loans and Finance Houses whose licenses were revoked by the Bank of Ghana on 31 May 2019 and 16 August 2019 respectively, has informed the general public and affected depositors about efforts being made to expedite action on their claims and speed up

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