No Result
View All Result
Monday, August 15, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target- sector ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target- sector ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Microfinance companies record GH¢58,830 profit

bycitibusinessnews
August 17, 2014
in Banking And Finance, Business
Share on FacebookShare on TwitterShare on Whatsapp

The Ghana Association of Microfinance Companies (GAMC) made a pre-tax profit of GH¢62,579 in 2013 compared with the GH¢294,516 recorded in 2012.

The association’s net profit also rose to GH¢58,830 in 2013, up from the 2012 close of GH¢293,776.

The National Board Chairman of GAMC, Mr Collins Amposah-Mensah, who disclosed this at the association’s annual general meeting (AGM) in Accra, added that the company’s assets stood at GH¢367,032 as of December 31, last year.

The performance of the company was presented to shareholders of the GAMC by the executives of the association led by its Chairman, Mr Collins Amponsah-Mensah,  at the third AGM of the company held in Accra.

It was the third to be held by the GAMC, which is the umbrella body of microfinance institutions (MFIs) in the country, and was graced by executives and members.

Registered MFIs

The annual report of the association indicated that 291 out of a total of 628 MFIs, representing four per cent, had been duly licensed by the Bank of Ghana (BoG).

The minimum paid up capital of the MFIs, which are considered second tier institutions under the BoG’s categorisation of financial institutions, had been reviewed from GH¢100,000 to GH¢500,000 in 2013 and that was captured in the report.

Contribution of microfinance institutions

The Head of Other Financial Institutions at BoG, Mr Raymond Amanfu, said the total assets of microfinance institutions as of June 2014 was GH¢768.81 million.

He added that loans and advances granted by MFIs as of June, this year, amounted to GH¢380.28 million, representing about 1.5 per cent of loans granted in the banking industry.

“Total deposits mobilised during the period, on the other hand, stood at GH¢385.93 million, with borrowings amounting to GH¢204.28 million.

He added that the central bank had instituted periodic submission of returns by the microfinance institutions as part of surveillance efforts aimed at ensuring timely analysis of events in the financial sector.

“This gives the regulator early warning signals to trigger an on-site examination, which involves physical presence,” Mr Amanfu said.

Source: Graphic Online
ADVERTISEMENT

Related Posts

Business

Cedi Depreciation: Government urged to enforce laws on pricing in dollars

bycitibusinessnews

The Executive Director of Danquah Institute, Dr. Antoinette Tsiboe Darko is calling on the appropriate authorities to speedily put in...

Read more
Assistant Director, Fintech and Innovation, BoG, Clarence Blay

E-cedi will not affect MoMo business – Bank of Ghana

Bank of Ghana to widen its scope on cryptocurrency

Importers, Exporters Association calls for sympathy for Labianca following corruption claims

BoG Deputy Governor chairs advisory board of UG’s College of Humanities

GEXIM CEO is one of Ghana’s 100 most influential business leaders

Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

Next Post

Yale Professor calls for scrapping of Cedi as legal tender

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.