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BoG to pre-finance payment of salaries & exit packages of ex-staff of savings & loans firms

The Receiver for all microfinance companies and savings and loans firms whose licenses were revoked by the Bank of Ghana has announced that it will engage former employees from Monday, July 13 “to agree on modalities for the payment of outstanding salaries and exit packages”.

This was contained in a statement signed by a Director of PricewaterhouseCoopers (Ghana) Limited, Eric Nana Nipah, who was appointed Receiver last year by the Central Bank in accordance with Section 123 of Act 930.

The engagement has been occasioned by the vagaries of Covid-19 as it is becoming difficult, according to the statement, for authorities to locate and recover assets of the 347 microfinance companies and 23 savings and loans and finance house companies.

“To ameliorate the economic impact of the resolution exercise on former employees of these affected companies particularly in these times of COVID, Bank of Ghana has agreed to pre-finance the full settlement of employee related claims which otherwise rank as unsecured claims in the receiverships of these companies,” Mr Nana Nipah stated.

Find full statement below:

 

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