‘Mere’ Savings and Loans Too Nduom Couldn’t Survive – GN Savings and Loans One of 23 Companies Closed Down By Bank of Ghana

2 min


After being forced to downgrade his bank to a ‘savings and loans’ company, Dr Papa Kwesi Nduom has lost the battle completely as the Bank of Ghana has announced his company’s licence has been revoked.

GN Savings and Loan Company, which came out of GN Bank, has been revealed as one of two dozen savings and loans companies closed down by the Bank of Ghana.

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The crackdown was announced in a statement released today.

According to the BOG, the closure of these companies has become necessary due to their inability to remain solvent.

Other affected savings and loans companies include Ideal Finance, First Allied Savings and Loans, ASN Financial Services and Midland Savings and Loans.

“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 statement read, in part.

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Check out the list of affected institutions below…

  • 1. Accent Financial Services Ltd
    2. Adom Savings and Loans Ltd
    3. AllTime Finance Ltd
    4. Alpha Capital Savings and Loans Ltd
    5. ASN Financial Services Ltd
    6. CDH Savings and Loans Ltd
    7. Commerz Savings and Loans Ltd
    8. Crest Finance House Ltd
    9. Dream Finance Company Ltd
    10. Express Savings and Loans Company Ltd
    11. First African Savings & Loans Company Ltd
    12. First Allied Savings and Loans Co. Ltd
    13. First Ghana Savings and Loans Co. Ltd
    14. FirstTrust Savings and Loans Ltd
    15. Global Access Savings and Loans Company Ltd
    16. GN Savings and Loans Ltd
    17. Ideal Finance Ltd. Finance House
    18. IFS Financial Services Ltd
    19. Legacy Capital Savings and Loans Ltd
    20. Midland Savings and Loans Company Ltd
    21. Sterling Financial Services Ltd
    22. Unicredit Savings and Loans Ltd
    23. Women’s World Banking Savings and Loans Co. Ltd

Source: GhanaCelebrities.Com


Nii Smiley Byte
Nii Smiley Byte, often called Moonbyte but sometimes called Godwin, is the Managing Editor of GhanaCelebrities.Com. He also moonlights as a fixer for foreign journalists travelling to Ghana for work. Nii has three strong passions in life -- football, blogging and music -- in that order. When you don't find him behind his laptop doing this, you'll find him watching football or chatting with friends - sometimes all three at the same time. His motto is that 'you can do everything you set your mind to', stolen without regret from the greatest rapper the world has ever seen, Eminem. Nii is a secular humanist who sees religion as Africa's biggest obstacle to progress. To reach him for writing or fixing gigs, contact [email protected]