Business News of Saturday, 16 November 2019Source: citinewsroom.comHelp customers of collapsed financial institutions recover their money – Catholic Bishops to govtThe Bishops have also urged the government to consciously protect indigenous financial institutionsThe Ghana Catholic Bishops’ Conference has appealed to the government to help customers of the defunct banks and savings and loans companies to recover their locked up monies. The Central Bank has over the past two years revoked the licenses of a number of banks, microfinance companies, and savings and loans companies. The Bishops have also urged the government to “consciously protect indigenous financial institutions that are only starting, from being swallowed up by the big international and other powerful financial institutions”. The most recent has to do with the Securities and Exchange Commission (SEC) revoking the licenses of some 53 Fund Management Companies. According to her, the move which led to the collapse of some banks has helped to protect depositors’ funds and instilled confidence in the Ghanaian banking sector.

Source: GhanaWeb November 16, 2019 15:00 UTC