Confidence in financial sector declining as traders choose to keep their money at home - Report Ghana
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Confidence in financial sector declining as traders choose to keep their money at home

Traders in some markets in Accra, visited by ABC News have disclosed that they have lost trust in the financial sector despite the assurances given by the Bank of Ghana.

The Central Bank embarked on a financial cleanup exercise which led to the revocation of over more than 10 banking licenses and over 20 savings and loans companies.

The traders lamented the difficulties they have had to go through to retrieve their locked-up funds deposited in some of the financial institutions whose licenses have been revoked.

To this end, the traders hint, they will prefer to keep their money in their houses than to save in a bank and go through frustrations to access the funds.

As part of a series of measures aimed at sanitizing the country’s financial sector, the Bank of Ghana has since 2017 revoked the licenses of some Four Hundred and Nine (409) insolvent microfinance, Microcredit and savings and loans companies for insolvency.

In addition, about 10 banks were cleared from the banking sector space for being insolvent or engaging in wrong corporate governance practices.

Interacting with ABC News, some of these traders at Tema Station in Accra say they prefer to keep their hard-earned money at home instead of saving at ‘undependable’ banks.

A bread seller at the station told ABC News “In this Tema station, we have continually saved money and the banks have taken our monies so we won’t save in banks again. I saved at ‘Dwadifo Adamfo’ and I saved 5,000. I don’t even have any banknote anymore. I won’t save money again. I will buy a ‘susu’ box and save in it and put it under my bed when I need it, I’ll take it”


“I won’t save in the bank again, even walking for your own money is very hard, and they are stealing us, I used to save with Dwadifo Adamfo but they’ve run away with our money. I don’t have any confidence in the banking sector, now I will keep the money in the house, if I need it, I’ll take it and manage my own money, another bemoaned.

Some yam sellers at Tema Station re-echoed the concerns of their colleagues, telling ABC News that they will no longer put their monies in banks.

See I’ve saved money small and I say I’m putting it in the bank, even if you will shut down these banks, at least make us aware that we should go for our monies, but not that as we are standing here we hear the banks have been closed down, our monies too have been locked up, we can’t go and put any monies in banks anymore, we will save little by little in our rooms, when we spend it, it is out money, I won’t put my money in the bank anymore.

As for me, I won’t go to the bank anymore, I’ll put my money in the ground cause a young woman like me, I won’t be working in the sun and someone will steal the money for the banks to be closed” they stated.

An ‘angry’ egg wholesaler told ABC News’ reporter, Adwoa Tengkorama that she will neither save with susu collectors or in savings and loans companies, but rather manage her own finances.

According to her, she had about GHc 5,000.00 in one of the now-defunct banks and doesn’t think she will make the same mistake twice.

These small banks have spent our monies for too long, so as for me, I will keep my own money instead of saving with susu collectors or savings and loans, When it gets missing, I know I am the one who kept it. For we market women, they think we are senseless, so when they come for our monies, they’ll go and spend. I have about 5,000 ghana cedis in the collapsed bank. They think we are fools so see where I am sitting and working when it rains, I sit in it but when they come, they come for our monies and spend, so I will not save again” she said.

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