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Press Release on the 23 Savings & Loans Companies (“S&Ls”) whose licences were revoked by Bank of Ghana on 16 August 2019
Upward Review of Payments to Depositors whose claims have been validated

Accra 8th November 2019.  Following the revocation of the licences of the 23 Savings & Loans Companies (“S&Ls”), the Receiver among other things announced a cap payment of GHS10, 000 per account for each depositor of these affected companies whose claim(s) have been validated in the receiverships of these S&Ls.

Based on the total number and value of claims received in the receiverships of these S&Ls at the extended deadline date for claims submission on Friday 18 October 2019, the Receiver wishes to announce an increase in the capped payment from GHS10,000 to GHS20,000 per account, to all depositors whose claims have been validated and accepted with immediate effect.

The Receiver wishes to inform depositors with validated claims above GHS10,000 per account, who have already been paid up to the earlier capped amount of GHS10,000 per account that they should expect further payments up to a total of GHS20,000 per account  where their total validated claim(s) in the receiverships of these S&Ls is/are in excess of GHS20,000 per account.

Where a depositor’s validated claim is in excess of GHS10,000 per account but is less than GHS20,000 per account, the depositor will receive the full amount of his/her validated claim(s)

Please note that the Receiver is in the process of recovering assets of the various S&Ls to the extent possible and will make payments to the body of creditors of these affected S&Ls including depositors, as appropriate and in accordance with the relevant provisions of Act 930.

For further information please contact the below numbers.

Signed
Contact: Philomena Kuzoe

Spokesperson for the Receiver
Tel: + 233(0) 20 4904250/ 0550000966
Email: phdovi@gmail.com