Dozens of Ghanaians are unable to access their savings at Equity Savings and Loans. Customer Frederick Nyantakyi has been unable to withdraw GHS 80,000 of his deposits. He estimates his total savings with the institution grew to nearly GHS 150,000 since 2014. Nyantakyi faced initial withdrawal difficulties in 2021. By late 2022 and into 2023, restrictions became much tighter. Staff claimed funds were tied up in investments affected by the Domestic Debt Exchange Programme. This government initiative restructured Ghana's debt. It impacted many financial institutions' liquidity. Many depositors trusted Equity Savings and Loans because it was licensed by the Bank of Ghana. This central bank is the main financial regulator. Nyantakyi reported his concerns to the Bank of Ghana. He was told the matter was under review.
Frederick Nyantakyi started saving with Equity Savings and Loans in 2014. He used the institution's susu scheme, a daily savings method. He deposited about GHS 300 regularly. His savings grew to an estimated GHS 150,000. The trouble began in 2021 when he tried to withdraw money. The company said it could only release a portion of his withdrawal. He believed it was a temporary setback. By 2022, access to his funds became severely restricted.
Several customers voice similar concerns. They cannot access their deposited funds. This raises serious questions about the company's operations. Equity Savings and Loans was incorporated in November 2011. It began operations the next day. It operated as a private financial institution. Its services included microfinancing and susu savings. The company's stated capital is GHS 21.3 million. Shares are reportedly held by Sirus Holdings Company Limited and Asterion Construction Limited.
Company records identify several directors. Afua Boahemma Owusu is the Board Chairperson. Isaac Arthur is the Managing Director. Other directors include Stephen Tetteh Angmor and Eric Ato Botchway. John Darko is also named as a director. Regulatory filings from February 2023 list beneficial owners. These include Kofi Duffour, Ankrah Kusi Bandoh, Christopher Kwasi Agyemang, and Buadi Badoe. These individuals hold direct voting rights.
A visit to Equity Savings and Loans' branches revealed locked premises. JoyNews found offices in East Legon, Dome, and New Town closed. There was no visible staff activity at these locations. Signboards were still present but showed no sign of active business. A nearby shop owner confirmed frequent visits from concerned customers. Many claim to have substantial sums locked up. Attempts to reach company officials by JoyNews were unsuccessful. Official phone numbers did not connect. Emails remained unanswered.
The institution is still listed on the Bank of Ghana's website. It is recognized as a licensed savings and loans company. The Bank of Ghana is the regulator for this sector. It now faces scrutiny over the institution's status. Questions remain about depositor protection. The current situation highlights risks within Ghana's non-bank financial sector. Investors are watching for regulatory action and customer recourse. The inability to access savings can devastate livelihoods.