Concerned ex-employers of GN Savings And Loans Bank have appealed to government to issue an executive order for the Governor of Bank of Ghana, Dr Ernest Addison to reinstate the firm.
Speaking at a press conference to commemorate 4 years of the license revocation, the convenor of the group, Kofi Fosu said, the move will restore lost jobs and strengthen the jeopardized economy.
“Life after the revocation of GN license has been terrible nightmare for majority of the employees. Most ex-staff have remained jobless as a result of the limited job opportunities in the country as well as the stigmatization associated with the revocation of licence.”
Mr. Ofosu explained that it is imperative for them to get rid of the stigma that is likely to influence other employers to deny them job opportunities.
He added that the revocation of the license has had an adverse effect on their pension.
“Majority of the ex-employees are unable to make contributions towards their pensions for the last 4 years since revocation.”
The Bank of Ghana revoked the licences of twenty-three (23) insolvent savings and loans companies and finance house companies (see Annex 1) on 16th August, 2019.
These actions were taken pursuant to Section 123 (1) of the Banks and Specialised
Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to
revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the
Bank of Ghana determines that the institution is insolvent.
The revocation of the licences of these institutions became necessary because they
are insolvent even after a reasonable period within which the Bank of Ghana has
engaged with them in the hope that they would be recapitalized by their shareholders
to return them to solvency.
Below are the list of Banks that were closed down by BoG;
1 Accent Financial Services Ltd. Finance House
2 Adom Savings and Loans Ltd. Savings and Loans Company
3 AllTime Finance Ltd. Finance House
4 Alpha Capital Savings and Loans Ltd. Savings and Loans Company
5 ASN Financial Services Ltd. Savings and Loans Company
6 CDH Savings and Loans Ltd. Savings and Loans Company
7 Commerz Savings and Loans Ltd. Savings and Loans Company
8 Crest Finance House Ltd. Finance House
9 Dream Finance Company Ltd. Finance House
10 Express Savings and Loans Company Ltd. Savings and Loans Company
11 First African Savings & Loans Company Ltd. Savings and Loans Company
12 First Allied Savings and Loans Co. Ltd. Savings and Loans Company
13 First Ghana Savings and Loans Co. Ltd. Savings and Loans Company
14 FirstTrust Savings and Loans Ltd. Savings and Loans Company
15 Global Access Savings and Loans Company Ltd. Savings and Loans Company
16 GN Savings and Loans Ltd. Savings and Loans Company
17 Ideal Finance Ltd. Finance House
18 IFS Financial Services Ltd. Finance House
19 Legacy Capital Savings and Loans Ltd. Savings and Loans Company
20 Midland Savings and Loans Company Ltd. Savings and Loans Company
21 Sterling Financial Services Ltd. Finance House
22 Unicredit Savings and Loans Ltd. Savings and Loans Company
23 Women’s World Banking Savings and Loans Co.
Ltd.