As part of efforts to expedite payments to affected customers of the collapsed microfinance and savings and loans companies, the Receiver, Eric Nana Nipah, has commenced processes to auction some used vehicles and motor bikes owned by the defunct entities.
The proceeds of the auction are to add up to the amount available to pay the affected customers.
A statement issued by the Receiver and published in some newspapers said the action is in accordance with his mandate to secure all assets of the affected companies and maximize their realizations for the benefit of creditors.
In all, the exercise will span nine days beginning Wednesday, January 29, 2020.
There will be two main activities involved, which are the inspection of the items on sale as well as the auction of the items.
While the inspection will span for three days from Wednesday, January 29, 2020 to Friday, January 31, 2020, the auction will last for five days, that is, Monday, February 3, 2020 to Friday, February 7, 2020.
The exercise will come off at 9:00am each day at the College of Physicians and Surgeons.
According to the Receiver, the auction will be via strictly cash down at the fall of the gavel or the vehicle will be re-auctioned. Also, the highest bidder shall be the purchaser.
The vehicle types on auction involve; salon, SUVs, pick-ups, motor bikes with brands like Toyota, Hyundai, KIA, Ford and others.
The auctioneers include; Wildos Mart, Broadway Mart and Yakamarta Mart.
In May and August 2019, the Bank of Ghana revoked the licenses of the 347 microfinance companies and 23 Savings and Loans and Finance Houses for being insolvent as part of a larger clean-up exercise of the country’s financial sector.
Affected customers have on several instances lamented the delay in accessing their locked up funds which has led to protests in some instances by aggrieved customers.
The government has announced the allocation of about 15 billion cedis to resolve the challenges following the financial sector reforms.