BoG uncovers ¢116.7m untraceable investments of collapsed MFCs, S&Ls and Finance House firms

The Bank of Ghana (BoG) says an untraceable investments amounting to ¢116.7 million of collapsed Microfinance Finance Companies (MFCs), Savings and Loans Companies (S&Ls) and Finance House Companies have been identified.

The Central Bank has indicated that it will require the assistance of the Economic and Organised Crime Office (EOCO) to conduct further investigations.

According to the BoG, the highest amount of ¢20.69 million discovered was linked to Accent Financial Services, which placed the said amount with Capital and More Microfinance.

The least amount was ¢533,132 linked to Express Savings and Loans Company and the fund placed with Senaf Investments.

According to the Receiver (Eric Nana Nipah), all attempts to trace the whereabouts of the investment companies have been unsuccessful.

We are in the process of transmitting a formal request through BoG to EOCO to trace these non-operational institutions and assist with recovery of the funds”, he said.