The Bank Of Ghana has discovered GHC116 million untraceable assets of collapsed institutions

The Bank of Ghana (BoG) has discovered GHC116 million untraceable assets of collapsed microfinance and savings and loans in the country, an official report has said.

Between August 2017 and January 2020, the country allowed indigenous banks to take over some non-performing bank's in the country. This was to strengthen the banking sector in Ghana.

According to the report, the Bank Of Ghana (BoG) through the receiver has referred 100 properties to the Economic and Organized Crime Office (EOCO) to be investigated in order to ascertain their ownership status.

This was contained in the central bank’s report on its collaboration with EOCO to investigate certain transactions relating to the 347 microfinance companies and 23 savings and loans and finance house companies in 2019.

The receiver in collaboration with EOCO has so far identified 100 landed properties for further investigations to ascertain their ownership status. This comprises 68 landed properties relating to five MFCs and 32 relating to nine S&L.

 

The receiver has also reported approximately GHC1.09 billion of related party transactions to Bank Of Ghana (BoG) and has requested for assistance from EOCO for further investigations to aid recovery.

Source: asaaseradio.com