The Bank of Ghana (BoG) has finally given the military the go ahead to operate a savings and loans company. The company is to be called Services Integrity Savings and Loans Company (SIS&L).
The Bank of Ghana last year confirmed to Citi Business News, it is was only processing a savings and loans license for the Ghana Armed Forces and not a license to run a bank after earlier reports suggested that the military was considering running a bank.
Following the announcement questions were raised about whether the army had the backing of the constitution to venture into such commercial activity.
Renowned lawyer, Moses Foh Amoaning during the period threatened to drag the Bank of Ghana and the Ghana Armed Forces to the Supreme Court if the army was granted full banking license.
The savings and loans company which is to be cited in Burma Camp will serve military officers and their civilian counterparts. Citi Business News has gathered salaries of all personnel of the military as well as MOD Civilian employees of the Ghana Armed Forces will now go through the company.