Savings and Loans Receiver Auctions Cars As stranded customers threaten to vote against NPP

The official receiver for the more than 350 collapsed microfinance and savings and loans companies has started auctioning cars and motorbikes of these firms.

The exercise which is being carried out at the College of Physicians and Surgeons is an attempt to recoup funds for tens of thousands of customers who monies disappeared when the Bank of Ghana the licenses of these financial institutions mid-last year.

The Bank of Ghana in May and August last year [2019] revoked the licenses of 347 microfinance and microcredit companies and 23 Savings and loans and finance houses for various regulatory infractions.

The auction sales under the auspices of the Receiver, Eric Nana Nipah is being carried out by three auctioneering firms; Wildos Mart, Yakarmata Mart and Broadway Mart.

A key component of the Receiver’s mandate is to secure all assets of the dissolved companies and maximize their realizations for the benefit of creditors.

Meanwhile, stranded customers have threatened to vote against the Akufo Addo administration if they do not recover their locked funds.

The Bank of Ghana in accordance with Section 123(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (PwC) as the Receiver for the purposes of winding down the affairs of these institutions.