The Receiver of the 347 Micro-finance companies and 23 Savings and Loans and Finance houses, that faced insolvency last year, began successful auctions of vehicles recovered from some of the insolvent entities, in compliance to its core mandate. The auction which is ongoing at the premises of the College of Physicians and Surgeons hall in Accra, began on Monday 3rd February and attracted a huge number of patrons, looking to outbid each other. The spokesperson for the Receiver confirmed that the numbers exceeded expectations but the Receiver was adequately prepared to carry out the exercise in as professional a manner as possible. The spokesperson further described as false, reports that were circulating about the exercise that sought to suggest that the results of the auction would have little or no impact on payments to customers. “We have been paying depositors with validated and accepted claims for sometime now. We began paying depositors of the Micro-finance companies in June 2019 and Savings and Loans in August 2019 ”, Philomena Kuzoe clarified.

The auction continues till Friday 7th February 2020.