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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

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

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

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

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    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

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We’ve paid all depositors of collapsed banks – BoG Governor

August 25, 2020
in Banking And Finance, Top Stories
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Governor of the Bank of Ghana, Dr. Ernest Addison has rejected claims that depositors who had their monies locked up with the collapsed banks have not been paid.

Dr. Addison said all customers of the nine collapsed banks have been paid their locked-up funds.

He was speaking at a meeting with President Nana Akufo-Addo after the latter’s working visit to the Central Bank on Tuesday, August 25, 2020.

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“We had the [banking sector] reform in two phases. The first phase had to do with the banking system where we revoked the licenses of the banks. Depositors got their monies.”

He, however, indicated that there were some outstanding payments to be made to customers of collapsed microfinance companies, savings and loans, and finance houses.

“The second phase of payment has to do with the SDIs – Savings and Loans and Microfinance Institutions and in their case, more than 95 percent of depositors have been paid so there is just about 5 percent of depositors who have not been paid.”

Following the revocation of the licences of the 347 microfinance companies, 39 micro-credit institutions and 23 savings and loans companies, a validation of the affected customers commenced on November 18, 2019, with the aim of repayment.

Processes for the payment of valid claims of those who had their monies locked up in the defunct companies commenced on Monday, February 24, 2020, but some persons have complained of not receiving their funds.

There have been suggestions that the Central Bank should print money to pay up customers’ locked up funds but Dr. Addission has dismissed this suggestion.

He argued that although the bank is committed to paying depositors’ locked-up funds, printing money has not been part of its plans as it has the potential to undo all that the bank has achieved over the past couple of years.

Source: Marian Ansah / citinewsroom.com
Tags: Bank of GhanaCollapsed Banks
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