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    Ghana’s total exports decline by 9%

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    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

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    GEPA poised to achieve over $4bn target for non-traditional exports

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

  • TECHNOLOGY

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

    Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors

    African Development Bank announces $25 billion pledge to boost climate finance in Africa

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We need a policy to protect our activities – Ass. of Savings and Loans Companies to Gov’t

byNerteley Nettey
July 16, 2020
in Banking And Finance, Top Stories
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The Ghana Association of Savings and Loans Companies is urging government to come out with a policy that will protect its members in times of difficulties.

According to the Association, even though the Bank of Ghana regulates the financial sector, best practices in some African countries show that savings and loans companies are better protected from default in loan payment when there is a strong government fiscal policy in place backed by the regulator.

Speaking to Citi Business News on their expectations of the Mid-Year Budget Review, the Executive Secretary of the Association, Tweneboah Koduah Boakye, said the Finance Minister has already been notified by the Association to consider their recommendations.

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“We are expecting that the government will come up with a revised policy. In any case there is no policy as far as we are aware for the SDI sector. The regulator is doing what they can do. But we are expecting the government to to come with a policy intervention to support the Savings anf Loans Companies so that they can continue to serve their clients. This is because the clients are the difficult ones and they are unable to pay their loans. Our balance sheets is made up of sixty to seventy percent loans that we have granted. So if the people are not able to pay, then it will also affect the whole industry,” he said.

Banks withstand COVID-19 shocks, SDIs hit hard – BoG Report

A recent report by the Bank of Ghana has established that even though banks have been resilient to shocks amidst the Covid-19 pandemic, the same cannot be said for Specialized Deposit-Taking Institutions such as Savings and Loans Companies and Microfinance firms.

The report, which was conducted by the central bank for the first quarter of this year, that’s from January to May, also showed that Ghana’s financial sector saw an increase in cash withdrawals largely due to the pandemic and its attendant impact.

The report showed that the robustness of the Specialized Deposit-Taking Institutions sector was negatively affected by the adverse impact from the COVID-19 spread. For instance, the Specialized Deposit-Taking Institutions sector showed constrained liquidity conditions and capital shortfalls.

The Finance Minister, Ken Ofori-Atta is scheduled to present the mid-year budget review to parliament on Thursday 23rd July, 2020.

He is expected to present the statement on the review of government projections for the 2020 financial year which will be backed by a request for supplementary estimates.

Government projections for the 2020 financial year have largely been affected by the economic implications of the Coronavirus pandemic.

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Cedi depreciates against the dollar by 22.5%

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