Category: Banking And Finance
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BoG given ultimatum to reinstate license of First Ghana Savings & Loans
Staff of defunct First Ghana Savings and Loans Limited have given the Bank of Ghana up to September 11, 2019, to rescind its decision to revoke their license. First Ghana Savings and Loans Limited which started as First Ghana Building Society (FGBS) in 1956 was originally licensed to operate as a mortgage financing institution. From…
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Banks must leverage technology for effective growth – Victor Yaw Asante
The Managing Director of FBNBank Ghana, Victor Yaw Asante has emphasized the need for players in the banking sector to effectively leverage on modern technology, specifically Artificial Intelligence (AI) to drive growth and financial inclusion. With the enormous benefits that technology offers to the industry, Mr. Asante noted that AI was the future of banking…
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Gov’t votes GH¢1.2 bn to protect depositors of defunct savings and loans companies
Government has reportedly made provision of about GH¢1.2 billion to protect depositors of savings and loans companies that had licenses revoked in the recent banking sector clean-up exercise. The Bank of Ghana in the release announcing the revocation of the licenses of 23 savings and loans and finance house, did not mention how much that…
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Government refutes claims maiden 20-year bond flopped
The Ministry of Finance has described the maiden 20-year bond issued last week as a success; refuting claims made by Bloomberg that the bond was a failure given that it was undersubscribed. The Ministry in a press release explained that the issuance of the longest-tenor domestic bond was to raise as much as GH¢450 million.…
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Uniklife Microfinance to begin payment of depositors today
Customers of UnikLife Microfinance in Takoradi will today heave a sigh of relief as managers of the company begin the payment of their deposits. Some 900 accounts will be paid through a process supervised by the receiver of the collapsed microfinance companies, Eric Nana Nipa. UnikLife Microfinance was one of the companies declared insolvent and…
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Controller Accountant identifies over 12,000 bank accounts belonging to MDAs
The Cash Management Directorate of the Controller Accountant General’s Department has identified over 12,000 bank accounts belonging to the Ministries, Departments, Agencies (MDAs) and the Metropolitan, Municipal and District Assemblies (MMDAs). Out of the figure, 6,000 of these accounts had been closed while the department is taking steps to reduce the numbers to an acceptable…
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Stock analyst hopeful GSE will bounce back after woeful performance
The General Manager of UMB Stockbrokers Ben Ackah says he is cautiously optimistic about the fate of the Ghana Stock Market for the rest of the year. He made his position known after the market hit its lowest level in about 2 years, mainly due to the happenings in the financial sector. The GSE Composite…
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UnikLife Microfinance to refund depositors funds from tomorrow
UnikLife Microfinance has agreed with the receiver of the collapsed microfinance companies, Eric Nana Nipah, to allow the company declared insolvent to begin the process of paying off all depositors’ funds. The Bank of Ghana in a recent move aimed at cleaning up the microfinance sector of the economy added UnikLife to the list of…
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GIA launches radio programme to boost insurance penetration
The Ghana Insurers Association (GIA) has launched a campaign to boost insurance penetration in the county. Dubbed: “The Drivetime with Insurers’ the campaign which is a radio programme will be used to discuss concerns of the public about the insurance industry and educate them on the importance of insurance. The radio programme will run for…
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Police invites Eurostar Global Limousines CEO over UniBank debt
The Police has invited Oscar Yao Doe, Chief Executive Officer of Eurostar Global Limousines, a luxury car rental company, to assist with investigations regarding threats to the life of Nii Amanor Dodoo, the receiver in the case of five banks that were collapsed last year. The Police in a release stated Mr. Yao Doe has…