Category: Banking And Finance
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SEC revokes licenses of Gold Coast Securities, FirstBanc and 51 other fund managers
The Securities and Exchange Commission (SEC) has, with effect from today, revoked the licences of Fifty-Three (53) Fund Management Companies. According to SEC, these actions were taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929 or “the Act”) which authorizes the Securities and Exchange Commission to revoke the licence…
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Receiver increases amount to be paid to customers of collapsed microfinance, S&Ls
The receiver for the collapsed 347 microfinance companies (MFCs) as well as 23 savings and loans and finance houses, Eric Nana Nipah has stated that depositors can now access up to GH¢20,000 of their locked-up funds. Mr. Nipah early on in the receivership process announced that only depositors with validated claims below GH¢10,000 will be…
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KPMG denies media reports of Nii Amanor Dodoo’s dismissal
International audit and business advisory firm, KPMG, has denied some media reports that its former Senior Country Partner, Nii Amanor Dodoo, who was appointed by the central bank as receiver for some five collapsed banks has been fired from his job. A statement issued by the firm in Accra said the report which first appeared…
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‘Growing a bank is not a sprint, it’s more than a marathon’—Frank Adu advises local banks
The outgoing Chief Executive Officer of CAL Bank, Frank Adu Jnr has advised Managing Directors of local banks to go through the required and legal processes to grow their banks. He cautioned that it is very dangerous for owners of local banks to take depositors’ funds to finance their own businesses. Speaking after CAL Bank…
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Hollard wins 5 awards at Finance Innovation Awards
Insurance group, Hollard Ghana excelled at the recent 5th Ghana Finance Innovation Awards (GFIA) picking up five corporate and personality honours at the prestigious ceremony. Hollard Insurance won Motor Insurance Company, and Finance Team of the Year. Group CEO, Patience Akyianu was outstanding woman in Finance and named among Top 20 finance Leaders in Ghana,…
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We’ll review all existing tax systems in 2020 — Ofori-Atta
Finance Minister Ken Ofori-Atta has revealed government’s intentions of reviewing the country’s existing tax systems to introduce more private sector-led solutions in the revenue mobilisation efforts ahead of the 2020 budget presentation next week. Mr. Ofori-Atta’s comment follows the inability of the Ghana Revenue Authority (GRA) to meets its domestic revenue mobilisation targets in the…
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Angry Gold Coast Fund Mgt customers accuse government of sabotage
A group calling itself the Coalition of Aggrieved Customers of Gold Coast Fund Management (GCFM) is blaming the Akufo-Addo government for the inability of the fund management company to pay customers’ locked up funds. The group in a statement said the loud silent posture of the government on the unjustifiable treatment meted to innocent Ghanaians…
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Cal Bank names Philip Owiredu as new CEO
Cal bank has nominated Philip Owiredu as the bank’s new CEO prior to an approval by the Bank of Ghana. A statement from the bank said upon approval, Mr. Owiredu is expected to assume the position in January 2020. The appointment follows the retirement of the current Managing Director, Frank Adu. Mr. Owiredu was until…
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GTBank Ghana sees strong profit growth in Q3 performance
Guaranty Trust Bank Ghana recorded another impressive performance for the first nine months of 2019. The Bank’s recently published financials shows strong growth performance across all key indicators. The Bank’s total revenue for the period stood at GHS 349M, representing an increase of 51.80 percent over the 2018 figure of GHS 230M while profit before…
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Frequent changes to tax laws worrying – Economist
Ahead of the 2020 budget presentation next week, Economist Dr. Lord Mensah has expressed concern about the frequent changes made to the country’s tax laws. According to him, such changes could ward off investors who might find them bad for long-term business planning. The current Finance Minister in an attempt to create a conducive environment…