Trust in the Savings and Loans Sector will be Re-instituted- CEO, Bonds Savings and Loans

Chief Executive Officer of Bonds Savings and Loans Plc, George Ofosuhene has expressed optimism about confidence being restored in his sector considering the measures put in place by the central bank.

After several months of the financial sector clean-up and the revocation of licenses of some 347 micro-finance institutions, depositors have lost confidence in investing funds into micro-finance institutions.

His comments follow the recent payment of about 800 people who have been notified to retrieve their locked up cash amounting to GH¢200 million from Consolidated Bank Ghana (CBG).

“I think that there are processes and programs that are in place that are being churned out and very soon we should see improvement in the level of confidence that the investing public has in this industry.

It takes time you know, once you go through the process of punching peoples’ trust and comfort, it takes some time for you to get it back to where it is supposed to be,” he stated.

President Nana Akuffo-Addo delivering his fourth State of The Nation Address on Thursday, February 20, said an amount of five billion Ghana cedis has been disbursed for the payment of locked-up funds of these depositors.

According to the Receiver, the payment mode of the locked-up funds of these depositors will be in cash and bond.

How will confidence be reinstituted into the sector?

“I think that the industry has a good future, I think the industry has a very good status as far as the economy of the country is concerned. I think that the industry has a very important role as far as all of us are concerned so there is a need for us all to have the confidence to do business with the savings and loans sector” he stressed.

With the current efforts by the central bank to pay back locked-up funds to depositors it will restore the trust lost as a result of the clean-up.