Locked-up Investment Holders Forum has called on the Bank of Ghana (BOG) to either support the insolvent financial institutions to pay depositors locked up funds or revoke their licenses to save lives and property.
Speaking at a press conference today Dr. Adu A. Antwi , ESQ , Convener of Locked up Investment Holders forum, found it extremely worrying, and negative to the development of the financial markets that the BOG, after its assurance to remain vigilant, still allowing these institutions to operate.
“We believe the BOG is well aware that this situation is posing risks to the stability of the financial system and Wonder why it is taking the BOG so long to act as required by law to so do, to ensure stability in our financial system.”
Some of these insolvent financial institutions mentioned include NDK, SIC Financial Service, Bond Services, SDC Financial Service and others.
The Locked-up Investment Holders forum there appealing to the Government to take immediate action and revoke their licenses as it did in the case of the twenty-three (23) insolvent financial institutions in 2019.
They are of the view that government is no longer committed to protecting depositor’s funds. To them, the depositor funds must be protected by the government.
Source: Oyerepafmonline.com /Bernard K Dadzie
