Deposit crisis deepens as Equity Savings and Loans customers struggle to access funds
A growing number of customers of Equity Savings and Loans Limited are facing severe financial distress after reports emerged that they are unable to withdraw their savings, raising fears that the institution may be in serious operational collapse.
Multiple affected clients say they have been locked out of their accounts for months, with some branches reportedly shut down or no longer functioning.
The situation has sparked frustration, panic, and renewed scrutiny of the stability of Ghana’s savings and loans industry.
Many depositors told reporters they first noticed irregularities when attempts to access their funds were repeatedly denied, often with explanations pointing to cash shortages or liquidity challenges.
Over time, access to services became increasingly limited until some branches ceased operations entirely.
Some business owners say the crisis has disrupted their livelihoods. One trader involved in importing electronics explained that he was unable to withdraw a substantial amount needed to restock his goods when prices began to rise, forcing him to abandon key business plans.
Others recounted arriving at branch locations only to find offices closed without notice. Several customers said they initially dismissed early warnings until physical verification confirmed that operations had halted in some areas.
Long-term depositors also described prolonged uncertainty, saying that repeated visits to the institution yielded no clear answers regarding the status of their accounts or when services would resume. In many cases, customers said they were told there was no available cash to process withdrawals.
Some individuals reported having invested large sums—ranging from tens of thousands to over one hundred thousand cedis—without being able to recover their funds for extended periods.
The inability to access deposits has left many households struggling to meet essential expenses such as rent, business restocking, and daily living costs. Small-scale traders, in particular, say they have been hit hardest as their working capital remains trapped.
The unfolding situation has intensified public concern about regulatory oversight and the protection of customer deposits within Ghana’s non-bank financial sector, with many calling for urgent intervention to restore confidence and safeguard savings.
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