Some customers of the defunct First Allied Savings and Loans company have expressed gratitude to the Bank of Ghana (BoG) for the regulatory action it took that has enabled them receive their locked-up deposits after 20 months.

For over a year-and-a-half, many customers of the once-vibrant institution could not retrieve their locked-up funds despite several efforts.

According to the customers, their lifestyle, including education, marriages, health, amongst others, were severely affected during the delay in retrieving their funds.

The BoG, in August last year, revoked the licences of 23 insolvent savings and loans and finance houses. 

The central bank, in a statement, said the revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which it has engaged with them in the hope that they would be recapitalised by their shareholders to return them to solvency.

One depositor, Franklina Oppong, who could not hide her excitement after receiving her funds, told Class91.3FM that she was shocked by the BoG's action, and that she will consider reinvesting her money in the capital market.

“Today, I’m happy, I know for sure I’ve received my money. I’ll consider reinvesting my money but I’ll wait for a while before I start.”

Other depositors were also happy for finally receiving their deposits.

The financial institutions that were closed down in August 2019 were Accent Financial Services, Adom Savings and Loans, Alpha Capital Savings and Loans, ASN Financial Services, CDH Savings and Loans Commerz Savings and Loans, FirstTrust Savings and Loans, Global Access Savings and Loans and GN Savings and Loans.