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    Societe General Ghana partners AGF to provide financing solutions for SMEs

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    Time to take strategic steps to grow Ghana’s economy is now – Pierre Laporte

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    IMF programme won’t affect free SHS, other flagship programmes – Gov’t

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

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

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

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    Time to take strategic steps to grow Ghana’s economy is now – Pierre Laporte

    Societe General Ghana partners AGF to provide financing solutions for SMEs

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

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    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

    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

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    US Fed meets inflation surge with 75bp hike

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Asset base of defunct microfinance firms, others was short by GHS4 billion – Receiver

September 17, 2020
in Banking And Finance, Top Stories
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The Receiver of the 347 defunct microfinance companies, 23 savings and loans and finance houses, faced a GHS4 billion shortfall in the asset base of defunct companies it hoped to recover.

Speaking on Citi TV‘s The Point of View, Eric Nana Nipah explained that the firms cumulatively said they had an asset base of about GHS6 billion.

But further checks, after securing the books and records of the companies as well as their assets, revealed the disparities.

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Mr. Nipah said that after assessing the state of affairs of the companies in question, he realised that they were in a “sorrowful” state.

“What I found was quite sorrowful; sorrowful in terms of the fact that although the balance sheets of these companies indicated that they had an asset base in excess of GHS6 billion, actually, based on my assessment, I do not think they are up to even GHS 2 billion,” he explained.

According to the checks, “a lot of these assets that were purported to be there were actually not there. When we did our examination, we also noted that quite a number of them had been diverted.”

Because of the “serious diversions”, the Reciever had to contact the Economic and Organised Crime Office “to assist with asset tracing.”

Assets worth about GHS 500 million have been recovered by EOCO, according to an update from the Receiver in July 2020.

The Receiver was called into action after May 31, 2019, when the 347 microfinance companies had their licence revoked by the Bank of Ghana as part of the financial sector clean-up.

The Bank of Ghana, on August 16, 2019, also revoked the licences of 23 insolvent Savings and Loans companies and Finance Houses.

These actions were in line with Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.

Depositors affected by this action have made claims of up to around GHS 8.25 billion.

The government has settled GHS 6.5 billion of this figure after validation.

Source: Delali Adogla-Bessa / citinewsroom.com
Tags: 23 Savings and Loans347 Micro Finance Companies
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