The deposits of more than 700,000 people in Ghana are under threat amid a crisis in the country's financial sector.
The Central Bank paints a grim picture of a financial sector in desperate need of help after it emerged microfinance institutions and the Rural and Community Banks owe the depositors more than $160m (£113m).
More than 200 of the country's 566 licensed microfinance institutions - which provide loans to small businesses - have registered as being in distress or have collapsed.
In the banking sector, 37 out of 141 rural and community banks are facing the same fate.
Earlier this week the Central Bank stepped in to prevent the local uniBank from imminent collapse after it suffered persistent cash shortfalls and regularly fell below cash reserve requirements.
The Central Bank says it had to act to protect depositors and other creditors - and to rein in further risks to the country's wider financial system.
It revoked the licenses of two other local banks last year for similar reasons.
It is now making plans to prevent any further problems, announcing reforms to the microfinance sector hoping to improve their performance and safeguard the funds investors and depositors.
Source: BBC
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Bawumia told us before elections that most of our financial institutions are in distress and we read political meaning to it. Try and take capital bank,ut bank and now unibank financial states for the past two years and analyse them. you will understand that the BOG is doing depositors lots of good by taking over some of this banks, if not the consequence will have been bad. let all try to stop politising every issues in this country
one thing i don't understand is why this collapsed of banks under npp regime, is there something they are not doing right, other time i heard finance minister saying adb and nib should merge meaning there is problem there as well, how long will the central bank step in to protect depositors, are we save?
Truth and Aluta, ven't u heard and known abt this story? A prophet is not accepted in his own home ampa.
IF THIS IS COMING FROM AN INTERNATIONAL MEDIA LIKE THE BBC THEN IT PRESUPOSES THAT THERE IS ALOT OF BAD NEWS IN GHANA ABOUT THIS CURRENT GOVERNMENT THAT THE GHANAIAN MEDIA IS HIDING FROM GHANAIANS. IS THE GHANAIAN MEDIA THERE TO SABOTAGE THIS NATION FOR THE INTEREST OF POLITICAL PARTIES? THIS IS A BIG SH*AME TO THE TOO POLITICISED MEDIA IN GHANA. WE ARE ONLY BEING FED WITH CHAFF NEWS
Politicians mo y3 aboro paa. Aden!Daily Graphic, Ghanaian Times etc why is it that BBC has to report this?