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Former Staff Of Dissolved Microfinance, Saving & Loans Companies To Be Rewarded Handsomely
Jul 13, 2020
Former employees of resolved Microfinance and Savings and Loans companies, as well as Finance houses, are to be paid their outstanding salaries, negotiated, and agreed on exit packages.
In accordance with Section 123 of Act 930, Bank of Ghana appointed Eric Nana Nipah as receiver for the purposes of winding down the affairs of 347 Microfinance Companies as well as 23 savings and loans and finance house companies whose licenses were revoked on May 31, 2019, and August 16, 2019, respectively.
The Receiver in a statement has announced that beginning from today Monday, July 13, 2020, there will be an engagement with the authorized representatives of the former staff to agree on modalities for the payment of outstanding salaries and exit packages to former staff of these resolved institutions. 
This, according to the receiver, is in line with the hierarchy of creditor claims set out under Act 930, other creditors of the failed institutions will be settled by the Receiver upon validation of their claims and to the extent that the Receiver is able to realize value from the remaining assets of these institutions.
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