The management of Ideal Finance has debunked reports that the Central Bank is set to take over the financial institution over liquidity challenges.

According to Ideal Finance, the report sourced from an interview the Finance Minister, Ken Ofori-Atta granted Peace FM on Friday, was wrong.

“…Ken Ofori-Atta did not at any point during the interview with Kwami Sefa Kayi say the words attributed to him thus ‘…take over Ideal Finance over liquidity challenges’,” a statement from the management said.

They added that the “publications are untrue and fraught with fictitious quotes which do not represent what the Minister said in the aforementioned interview.”

Following the collapse of seven banks in the last year, the finance sector has experienced a major shake-up. 

This has resulted in panic withdrawals with financial institutions, especially indigenous ones, being the hardest hit. 

Allaying the fears of customers, management said Ideal Finance Limited is in good standing with the Bank of Ghana (BoG) with a paid-up capital of GH¢56.7 million.

This is above the minimum capital requirement of GH¢15 million for finance houses with a capital adequacy ratio of 11.6 percent.

“Ideal Finance remains a leading finance house and is not in breach of any BOG regulations. We will like to use this opportunity to inform our cherished customers that, Ideal Finance is working around the clock with different institutions in Ghana and abroad to ensure that we remain the most stable finance house in Ghana,” it said.