Category: Banking And Finance
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EIU bets on BoG’s banking sector reforms to boost private sector growth
The Economist Intelligence Unit (EIU) is forecasting that the banking reforms done by the Bank of Ghana will boost growth in the country’s non-oil sector. The UK-based business advisory firm in its latest country report said the remaining banks after the clean up will be in a better position to lend to the private sector…
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BoG launches guidelines for repurchasing agreements to boost capital market
The Bank of Ghana today launched a set of guidelines that it is intended to facilitate the short-term trading of government securities between dealers as well as investors. Governor of the central bank, Dr. Ernest Addison speaking at the launch of the Global Master Repurchase (repo) Agreement (GMRA)-based Guidelines for repo trading on the Ghanaian…
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Banking crisis partly to blame for collapse of some fund managers — Securities Industry Association
The Ghana Securities Industry Association (GSIA) says some of the collapsed fund managers had their funds locked up in savings and loans and microfinance companies that were placed into receivership by the Bank of Ghana. The association, whose membership includes capital market players, in its response after the capital market regulator shut down 53 fund…
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List of Fund Managers remaining after SEC mass license revocation
The Securities and Exchange Commission last Friday revoked the licenses of 53 fund management companies citing several regulatory breaches. A press release issued by SEC said the companies among other things failed to honour clients’ redemption requests, placed funds in unregulated investments, used clients’ funds to fund related parties’ activities. Out of the 53 companies,…
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Fidelity Bank reward customers in the Fidelity Visa Card Promotion
Twenty customers of Fidelity Bank have been rewarded in the Global Visa 2019 Summer Campaign. The promotion, which spanned a three-month period, rewarded top transacting customers who spent GHC 500 and above monthly to purchase items and perform other transactions with their Visa card. The prizes included flat-screen television sets, microwave ovens, fridges, and many…
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FBNBank Ghana and its parent bank win awards
FBNBank Ghana Limited, a subsidiary of First Bank of Nigeria Limited and its parent bank, has won awards at the 9th Marketing World Awards held in Accra. While FBNBank Ghana was awarded as the “Fastest Growing Banking Brand” of the Year and its parent bank, First Bank of Nigeria Limited, with 125 years of providing…
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Hundreds rendered jobless after SEC’s closure of struggling fund managers
The Securities and Exchange Commission’s decision to withdraw the licenses of struggling fund management companies has immediately rendered 249 people jobless; a figure which could exceed 1,200. Although the SEC mass shutdown exercise involved 53 fund management companies, 21 firms had already ceased operations with the remaining 32 still in operation at the time their…
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Staff found culpable in capital market crisis will be prosecuted — SEC
The Securities and Exchange Commission (SEC) has stated that it will not hesitate to take action against any employee whose action may have contributed to the shutdown in any of the 53 fund management companies. The regulator has come under intense criticisms following the shutdown of nearly 40 percent of the 141 companies with various…
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Over GH¢8 billion investors’ cash locked up with collapsed fund managers
The 53 fund management companies that had their licenses revoked by the Securities and Exchange Commission (SEC) were managing customers’ funds which run in excess of GH¢8 billion, Citi Business News’ sources say. The source close to the regulator said the affected companies were managing funds belonging to some 56,000 customers who had invested in…
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Frequently Asked Questions on SEC’s revocation of licences of Fund Managers
The Securities and Exchange Commission yesterday revoked the licenses of 53 fund management companies. In the aftermath of the mass shut down, there are a number of questions that are begging for answers and SEC has put together this Frequently Asked Questions (FAQs) on Revocation of Licences of Fund Managers. 1. What has called for…