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Locked up funds: BoG struggling to revoke licence of indebted institutions – Anane Antwi

Locked up funds: BoG struggling to revoke licence of indebted institutions – Anane Antwi

In an interview with Umaru Sanda Amadu on Citi FM’s Eyewitness News on Wednesday, Dr Anane Antwi shared that the BoG Governor acknowledged their predicament and expressed his understanding of the challenging situation they were in.

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He further explained that the Governor clarified that the financial institutions in question were insolvent and on the verge of licence revocation, which would put the client’s money at risk.

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Dr Anane Antwi also indicated that the Governor highlighted the government’s need to secure funds to repay the investors if the licenses were revoked and added that BoG was actively collaborating with the government to prepare for this possibility.

“It was at that meeting that the governor also said that they appreciate that we have problems but these institutions cannot be given support because where they have reached, they are insolvent, and their licenses must be taken away from them

So, they know that that is the same thing that must happen now.”

“So, if they are going to revoke these licences then they must get the assurance that the government has gotten money somewhere to say when you revoke, I can provide you money to pay

So that is their challenge, that they are working with the government to make some provisions for that.”

Original Story on: Citi Newsroom
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