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

Microfinance companies are assuring Ghanaians of a more robust industry after the major clean-up of the industry by the Bank of Ghana. They want Ghanaians to trust and continue to do business with them as they have learned from past mistakes and have put in place measures to ensure the safety of customers’ funds. The

The Ghana Association of Savings & Loans Companies (GHASALC) has cautioned the Receiver of the collapsed Savings and Loans companies and Finance Houses against capping the claim payments to affected depositors. Tweneboah Koduah, the GHASALC Executive Secretary, said placing a cap could present further problems. “I don’t think the regulator will want to use the

The Ghana Association of Savings and Loans Companies (GHASALC) is calling on the public to support Savings and Loans companies that have been cleared to continue operating following the clean-up of the sub-sector by the Bank of Ghana. The Association says the public must remain calm and continue to do business with the companies that

The Ghana Association of Savings and Loans Companies (GHASALC) has ended its 9th Annual General Meeting (AGM) under the theme: “Business Sustainability: A shared Responsibility”. Speaking at the event, the Second Deputy Governor, Bank of Ghana, Mrs. Elsie Addo Awadzi said despite the growth in total assets, some Savings and Loans companies continue to be

In the quest to enhance the corporate governance practices of savings and loans companies, a training programme to educate directors of Savings and Loans (S&L) companies has been held in Accra. The training, which comes in the wake of the banking sector reforms, is to primarily enhance the knowledge of the directors of S&L companies

The Executive Secretary of the Ghana Association of Savings and Loans companies, Tweneboah Kodua Boakye is advising the Bank of Ghana (BoG) to adopt a better approach in dealing with the challenges Savings and Loans sector. This follows some hints from the regulator that there is an imminent clean up in the savings and loans sector.

The Association of Savings and Loans Companies is encouraging its members to make adequate provisions to recapitalize in order to avoid sanctions by the Bank of Ghana. Savings and Loans companies are currently operating with a minimum capital of 7 million cedis which is expected to be increased by the central bank as part of

The Association of Savings and Loans Companies have appealed to customers to have confidence in the financial sector despite the challenges confronting it. The panic withdrawals the association decried are unnecessary and a potential threat to their existence. Executive Secretary of the association, Mr K. Koduah, disputed claims that savings and loans companies were collapsing.

The Ghana Association of Savings and Loans Companies (GHASALC) has urged the public to disregard media publications and rumours suggesting that the savings and loans sector is collapsing. This follows recent reports of panic withdrawals from some major savings and loans companies over the last three months with the recent being the alleged collapse of