On May 31, 2019, the Bank of Ghana (BoG) revoked the licenses of 347 insolvent microfinance companies. This action forms the second phase of the on-going reforms in sanitising the financial sector towards improving operational resilience and confidence in the system.

It is expected that government’s release of GHS900 million will enable the Receiver pay depositors after validation of claims.

As the representative voice of the business community, the Ghana National Chamber of Commerce & Industry (GNCCI) commends BoG for the steps taken in revoking the licenses of these insolvent companies and government’s release of funds, given the imminent threat they pose to the stability of the financial system, depositor’s funds, and small businesses.

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