GN Savings and Loans Limited

On August 16, 2019, the Bank of Ghana (BoG) revoked the licenses of 23 insolvent savings and loans companies, including GN Savings and Loans Limited, under Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). The BoG appointed a Receiver for these institutions as per Section 123 (2) of Act 930 to manage the situation. The decision followed prolonged engagements with the affected institutions, hoping they would recapitalize and return to solvency, but these efforts proved futile. GN Savings and Loans, originally licensed in 2006 and later reclassified in 2019 due to its inability to meet…