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Ghana’s central bank has withdrawn licenses of 386 Non-Bank Financial Institutions (NBFIs) which have become bankrupt.

The Central Bank noted that the revocation of licenses is meant to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation.

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“They have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system. By the revocation of these licenses, we seek to protect the stability of the financial system and to protect affected depositors,” Ernest Addison, Governor of Bank of Ghana was quoted by local media.

He also noted that the Government had allotted 185.6 million U.S. dollars needed for the measures and the central bank has appointed Receivers to oversee the process.

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