The Bank of Ghana (BoG) has launched an investigation into reports of locked offices and difficulties in withdrawing funds at Equity Savings and Loans, following increasing concerns from affected depositors. Sources at the Central Bank informed Citi Business News that internal procedures have been activated to verify claims that some customers have been unable to access their funds for over a year.
This action comes in response to complaints about prolonged withdrawal challenges and the reported closure of several branches of the financial institution. Checks by Citi Business News at the company’s Lapaz branch on Monday revealed that the office has remained locked for approximately a year. Similar observations were made at the East Legon branch, which has also reportedly been closed for the same duration.
Numerous customers gathered at the Lapaz branch, expressing frustration over their inability to access their savings. They called on regulators to intervene and help recover their funds. One customer, Efia Ansah, said she had been saving with the institution since 2021 but started encountering withdrawal difficulties about a year and a half ago.
According to her, customers were never formally notified about the closure of branches and were frequently told there was insufficient cash to process withdrawals.
“There was a time when, even if you wanted to withdraw as little as GH¢1,000, the cashiers would tell you there were insufficient funds. I remember the last time I made a withdrawal; after the transaction, I was left with a balance of GH¢450.”
Customers say they are awaiting the outcome of the Bank of Ghana’s investigations and any regulatory measures that may be taken. Efforts by Citi Business News to reach the management of Equity Savings and Loans for comment were unsuccessful.
Source: Daniel Sackitey
