The Receiver for the defunct 347 Microfinance Companies and 23 Savings and Loans Companies and Finance Houses, Eric Nana Nipah, says the government of Ghana is not only interested in recovering assets and paying depositors, but will also commence prosecutions of managers on the defunct firms from August 2020.
According to the Receiver Eric Nipah, about 96 percent of all validated depositor claims which stands at 5.4 billion cedis have been settled.
He says with the help of the Economic and Organized Crime Office, EOCO, assets worth about GHC 500 million Cedis have been recovered, adding that the work towards the prosecution from August has been carried out in the last one year.
“We will also insist on rendering of stewardship not only to demand accountability but to ensure that due course is given to some situations. We have not relented and that is where EOCO comes in. We have been working with EOCO on potential recoveries and prosecutions for close to a year now. EOCO has done extensive work on investigations, and we are at the point that as I speak, dockets are being prepared to be passed on to the AG’s department for prosecution beginning August this year” Eric Nipah said.
The financial sector clean-up, which commenced under the Akufo-Addo administration in August 2017, led to the collapse of nine universal banks, 347 microfinance companies on May 31, 2019.
The Bank of Ghana later in August 2019 again revoked the licences of twenty-three (23) insolvent savings and loans companies and finance houses, whiles the Securities and Exchange Commission revoked the licenses of over 50 Fund Management Companies.
