Business News of Monday, 3 February 2020Source: Graphic.com.ghAuction of vehicles of collapsed microfinance companies set for Febuary 3The vehicle brands include Toyota, Hyundai, KIA, Ford, among othersThe Receiver of the collapsed 347 microfinance companies and 23 savings and loans and finance house companies has set Monday, February 3 to Friday, February 7, 2020 to auction the first batch of used motor vehicles and motorbikes of the affected companies. A notice sighted by Graphic Online said the auction would take place at the College of Physicians and Surgeons in Accra at 9am daily. The Bank of Ghana (BoG), on May 31, 2019 revoked the license of 347 Microfinance Institutions. In accordance with Section 123(2) of Act 930, the BoG appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purposes of winding down the affairs of the affected microfinance companies. As of August 2019, Mr Nipah said he had paid close to about Gh?30 million worth of claims to affected depositors.

Source: GhanaWeb February 03, 2020 06:56 UTC