The Executive Secretary of the Ghana Association of Savings and Loans Companies (GHASALC), Tweneboa Kodua Boakye, says about 70 percent of customers of their members whose licenses were revoked have not received their locked-up funds.
He attributed the delay to the legal and other challenges faced by the receiver in the process of validating about 2.3 million customers of the 15 collapsed savings and loans companies.
This comes after President Akufo-Addo in his Christmas message to Ghanaians in December 2019, directed the Bank of Ghana and the Ministry of Finance to provide liquidity support to pay all affected customers.’
Speaking on Citi TV’s current affairs programme, Point of View, Mr. Boakye told the host, Bernard Avle, that the customers have a legitimate right to demand their funds since there’s poor feedback from the receiver.
“If you look at the court cases and all these restrictions, it prevented the receiver from processing the claims and validating their claims and helping the customers. Since last month, we have seen some progress with some getting their monies.”
“But if GN Savings and Loans, First Allied Savings and Loans, Unicredit Savings and Loans and CDH Savings and Loans, only these four institutions their customers constitute about 75 percent of total affected customers and they have not been paid, then the majority have not been paid,” he added.
License revocation
The Bank of Ghana last year revoked the licenses of 23 specialized deposit-taking institutions made up of savings and loans companies and finance houses; appointing Eric Nipah as a receiver.
The receiver directed the affected depositors and creditors to pick proof of debt forms and complete other processes for payments to commence subject to validation.
The process has however being fraught with legal suits restricting the activities of the receiver.