Every morning, Frederick Nyantakyi opens his shop at Circle in Accra, hoping for a better day of business.
For years, the mobile phone and accessories dealer built a stable livelihood by importing stock and serving customers across the city. But in recent years, that stability has been badly shaken, not because demand has collapsed, but because money he says he saved over several years has become inaccessible.
“When the dollar rate was skyrocketing, I decided to take some money from my account to import more phones and accessories. I went there to withdraw GH¢80,000,” he told JoyNews.
“Up till now, I have not been able to get my funds.”
Frederick says he began saving with Equity Savings and Loans in 2014, regularly depositing about GH¢300 through the institution’s susu scheme. Over the years, he estimates his savings grew to nearly GH¢150,000.
According to him, the first signs of trouble emerged in 2021, when he attempted to withdraw funds and was told the company could only release part of the amount requested. At the time, he assumed it was a temporary measure.
But by late 2022 and into 2023, he says the withdrawal restrictions had become more severe.
Frederick claims staff of the company attributed the payment difficulties to investments affected by the Domestic Debt Exchange Programme, saying funds had been tied up in bonds and other investments.
“Because of the bond issue, they said they had invested the money… so they had not been able to get their money back. So automatically, it was affecting customers,” he said.
From then on, Frederick says he made repeated visits to the company’s New Town branch, but access to his savings did not improve.
He is not alone.
Several customers say they are unable to access funds they deposited with Equity Savings and Loans, raising questions about the operations and current status of a licensed financial institution.
The institution behind the concerns
Records reviewed by JoyNews show Equity Savings and Loans was incorporated on 15 November 2011 and commenced operations the following day.
The company was established as a private financial institution operating within Ghana’s non-bank financial sector. Its stated activities included micro and small business financing, consumer credit financing, local purchase order financing, warehouse financing, bills discounting and susu savings schemes.
Corporate records reviewed by JoyNews show the company has a stated capital of GH¢21.3 million, with shares reportedly held by Sirus Holdings Company Limited and Asterion Construction Limited.
The records also show that the registration process was witnessed by Samuel Korletey Amartey, who acted as Commissioner for Oaths.
The company operated from a number of locations in Accra, including East Legon, Dome, Kasoa, New Town Road and Kaneshie. On the company’s website, Afua Boahemma Owusu is named as Board Chairperson. Isaac Arthur is listed as Managing Director, while Stephen Tetteh Angmor and Eric Ato Botchway are named as directors. Corporate documents reviewed by JoyNews also identify John Darko as a director.
Regulatory filings reviewed by JoyNews further identify the following beneficial owners as of 8 February 2023:
• Kofi Duffour
• Ankrah Kusi Bandoh
• Christopher Kwasi Agyemang
• Buadi Badoe
The filings indicate that the beneficial owners hold direct voting rights, giving them influence over key corporate decisions.
But for customers like Frederick, the governance structure matters less than one urgent concern: they say they cannot access their savings.
Frederick says after withdrawal restrictions worsened, he visited the company’s head office, only to find it closed.
“I went there and met a security guard who told me the landlord had locked the place because they had not paid rent,” he said. A JoyNews verification exercise at the company’s East Legon, Dome and New Town locations found the premises locked, with no visible staff activity. Signboards remained at some locations, but there was no indication of active operations at the time of visit.
At one branch, a nearby shop owner told JoyNews that people frequently visit the premises seeking information about the company. According to her, many of them claim to have substantial sums locked up with the institution.
Multiple attempts by JoyNews to reach officials of Equity Savings and Loans were unsuccessful. Calls to official numbers did not go through, and emails sent to the company had not been answered at the time of filing this report.
Some customers say they trusted the company because it was licensed by the Bank of Ghana. The institution remains listed on the Bank of Ghana website as a licensed savings and loans company.
“We only worked with them because they were accredited by the Bank of Ghana,” Frederick said.
“That is why I saved with them.”
Frederick says he reported his concerns to the central bank and was informed the matter was being reviewed, but he says no concrete resolution has followed.
JoyNews also contacted the Bank of Ghana’s Communications Department regarding the concerns raised by customers. Officials acknowledged receipt of the enquiry and indicated they would revert. At the time of publication, no substantive response had been received.
As regulator of the savings and loans sector, the Bank of Ghana now faces questions over the status of the institution and what protection may be available to affected customers.
For now, customers who say they saved with Equity Savings and Loans remain in uncertainty, unable to access funds accumulated over several years, and unsure when, or whether, they will recover their money.
The central question remains unresolved:
How does a licensed financial institution progressively restrict withdrawals, cite investment challenges, and become unreachable to some customers, while depositors say their money remains locked up?
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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