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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

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    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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Supreme court to rule on onward investment case next week

bycitibusinessnews
December 10, 2014
in Banking And Finance, Business, Top Stories
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The Supreme Court will on Thursday 18th December, 2014 rule on a suit for funds of some aggrieved customers of Onward investments to be paid them.

Citi Business News gathers the aggrieved customers headed to court after the Bank of Ghana closed down Onward investment in 2012 because they had no licence to operate.

According to a press statement from the bank of Ghana on the matter released in February 13th, 2012 ‘In December 2011, the attention of the Bank of Ghana was drawn to the operations of Onward Investment Limited, a company which took deposits from the public and ostensibly engaged in on-line foreign exchange trading’.

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‘The company, which operated branches in Accra, Kumasi, Sunyani and Techiman, initially offered interest rates of 25% for a trading cycle of 42 days. In December 2011, the interest rate was raised to 35% as a special Christmas bonanza.
The company has never been licensed by the Bank of Ghana either to take deposits or to engage in foreign exchange trading’.

Onward investment which failed to honour a promise to pay its customers a promised fixed return on their investments was subsequently dragged to court by its customers over the matter.

In court on 9th December,2014 lawyers for the Bank of Ghana argued Onward investment ltd did not fall under their jurisdiction because it was an investment company not a bank or microfinance institution.

But the council for the aggrieved customers of Onward Investment also debated why the central bank went ahead to close the company down and confiscate assets when they were not under their jurisdiction.
By: Anim Kwaku Boadu/citifmonline.com/Ghana

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