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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

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

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

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    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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    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

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Customers of collapsed banks, microfinance firms to get 100% deposits – Akufo-Addo

December 26, 2019
in Banking And Finance, Business
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President Nana Akufo-Addo has announced that customers of indigenous banks that lost their licenses due to the financial sector clean-up exercise will receive full payment of their locked up cash.

He said the same would be done for customers of collapsed microfinance institutions and savings and loans companies.

The president made this known in his Christmas message to Ghanaians on Wednesday.

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“Thus far, the Ministry of Finance and the Bank of Ghana have worked together to guarantee payments of 100% of deposits of customers of the failed banks which is being done. I have directed the Ministry of Finance to work with the Bank of Ghana to ensure that same applies to customers of microfinance and Savings and Loans Companies whose licenses have been revoked,” he said.

While stressing that the decision to clean up the financial sector was necessary, he said the jobs of some 6,500 Ghanaians were saved by the exercise.

He also added that some GHS 4.6 million of depositors’ funds was also safeguarded due to the process.

“We have had to take painful but necessary measures to sanitize and save the banking system; a process which I know has brought discomfort to many a household. It is worthy to note however that the jobs of some 6,500 workers were saved as a result, instead of the 10,000 that could have been lost. In addition to the protection of funds of 4.6 million depositors.

The President further noted that government will soon make public, investigations into the circumstances that led to the collapse of some indigenous banks in the country.

According to him, preliminary investigations reveal that huge assets of the collapsed banks were diverted.

He said persons found culpable for the collapse of the financial institutions would be duly dealt with.

“Investigations into potential criminal conduct are proceeding. As it appears, there has been a massive diversion of assets of these financial institutions. I assure you that the outcome of these inquiries will be made known very soon as well as actions taken to bring those responsible to book,” the President promised.

The financial sector clean-up, commenced by the Akufo-Addo administration in August 2017, has led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, eight finance house companies, two non-bank financial institutions and 53 Fund Management firms.

Banking sector reforms

In August 2017, the Bank of Ghana (BoG) gave GCB Bank Ltd the green light to acquire two local banks UT and Capital bank due to severe impairment of their capital.

In August 2018, the Bank of Ghana consolidated five other local banks into what it calls the Consolidated Bank Ghana Limited.

The Bank of Ghana in a statement on January 4, 2019, following the expiration of the minimum capital requirement deadline, said all the 23 remaining banks have met the new minimum paid-up capital of GHC400 million.

Tags: Banking Sector reformsNana Addo
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