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BoG finds untraceable investments from defunct financial institutions worth GHC116 million.

Additionally, the receiver has asked help from EOCO in order to collect roughly GHC1.09 billion in related party transactions from BoG.

According to a government report, the Bank of Ghana (BoG) has found GHC116 million in untraceable assets from failed microfinance and savings and loans in Ghana.

The report states that 100 properties have been sent to the Economic and Organized Crime Office (EOCO) for investigation to determine their ownership status by the BoG through the receiver.

This was stated in the central bank’s report on its collaboration with EOCO to investigate specific transactions involving the 23 savings and loan and finance house companies in 2019 as well as the 347 microfinance companies.

100 landed properties have already been selected by the receiver and EOCO for additional examination to determine their ownership status. This includes 32 properties related to nine S&L and 68 properties related to five MFCs.

The receiver has also asked help from EOCO for additional investigations to aid in recovery and reported about GHC1.09 billion in related party transactions to BoG.

Disclaimer: The opinions expressed in this publication do not in anyway reflect the opinions of State News Ghana

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