Thousands of customers of Equity Savings and Loans Limited have been left unable to access their deposits amid reports that the institution has effectively collapsed, raising fresh concerns about stability in Ghana’s financial sector.

Affected customers told JoyNews they have been unable to withdraw funds for months, with several branches reportedly shut and no clear communication from management.

The situation has sparked anxiety among depositors, many of whom say their savings were tied to businesses, investments, and daily household needs.

One customer involved in electronics importation said he was unable to withdraw GH¢80,000 to restock his business at a time of rising exchange rates.

“They told me they didn’t have enough money,” he said, adding that repeated attempts to access funds were unsuccessful.

Others said they only discovered the severity of the situation after visiting branches and finding them locked.

“My friend alerted us, but I didn’t believe it until I got there myself,” another depositor said.

Some customers reported that certain branches, including one at Lapaz, had not been operating for months, while others described a lack of transparency from the institution.

Several depositors said they were repeatedly told there was no cash available despite multiple visits over extended periods.

“I know people who invested over GH¢100,000 and still haven’t received their money,” one customer said.

The disruption has left many households and small business owners in financial distress, with some unable to restock goods, pay rent, or meet basic living expenses.

The developments have also renewed concerns about depositor protection and confidence in Ghana’s savings and loans sector, which has previously undergone reforms following a financial sector clean-up.

There has been no official communication from the company regarding its operational status.