Persons interested in bidding for the confiscated vehicles of the collapsed Microfinance and Savings and Loans companies, should be ready to comply with the two hour ultimatum to make payments should they win any bid.
This is the indication from auctioneers and representatives of the Receiver, Eric Nana Nipah.

The caution follows an experience where majority of bidders failed to pay for the vehicles within the stipulated time despite securing the bids on the first day of the exercise.

A representative of the Receiver, Philomina Kuzoe, in an interview with Citi Business News said they are compelled to take this action to facilitate the process.


“When the two hours elapses and the person who won the bid hasn’t paid, then we re-auction the car in question. This process is expected to last for five days; it will be running till Friday [February, 7, 2020], and then the other batch we will announce as and when we gather other assets,” she emphasized

The first batch of auction is expected to last for five days after which another set of confiscated assets will be put up for sale. Citi Business News understands that about one hundred and fifty cars are up for auction for this period.

Madam Philomina Kuzoe further noted that she is hopeful the process will go on smoothly as planned with the impressive turn out of interested bidders for the first day of auctioning.

The action taken by the Receiver is backed by efforts to accrue enough money as possible to facilitate the payments of claims due affected customers

The Bank of Ghana in May and August 2019 revoked the licenses of 347 micro-finance companies and 23 Savings and Loans companies and Finance Houses, respectively, for breaching several regulations guiding their operations.

Affected customers are expected to lay claim to their locked up funds with the announcement by the government that it has allowed the allocation of about 15 billion cedis for the exercise.

In the interim, the sale of the confiscated assets is to expedite payments, as currently, the Receiver is able to pay customers whose investments measure up to GH¢20,000 and below.