BoG uncovers GH¢116m in untraceable assets from failed microfinance, S&L companies

A report by the Bank of Ghana (BoG) has found GH¢116 million in untraceable assets from failed microfinance and savings and loans in Ghana.

The report states that 100 properties have been sent to the Economic and Organized Crime Office (EOCO) for investigation to determine their ownership status by the BoG through the receiver.

This was stated in the central bank’s report on its collaboration with EOCO to investigate specific transactions involving the 23 savings and loan and finance house companies in 2019 as well as the 347 microfinance companies.

100 landed properties have already been selected by the receiver and EOCO for additional examination to determine their ownership status.

This includes 32 properties related to nine S&L and 68 landed properties related to five MFCs.

The receiver has also reported GHC1.09 billion in related party transactions to BoG and has requested assistance from EOCO for additional investigations to aid recovery.