Category: Banking And Finance
-
BoG spends GH¢153 million on printing cedi notes in 2018
The Bank of Ghana last year spent more than GH¢153 million to print the country’s legal tender, the cedi. The amount spent includes the actual cost of printing the legal tender, fees paid to the agency that supervised the printing process as well as what the central bank describes as other currency expenses. According to…
-
Nduom urges staff to remain calm after GN Savings and Loans shutdown
President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has asked his employees to remain calm and also be apprised with the facts surrounding the decision by the Bank of Ghana to takeover GN Savings and Loans company. Dr. Nduom in an address to his staff called on them to remember that the foundation…
-
Zenith Bank’s unparalleled banking excellence
Ghana’s banking industry is a fiercely competitive one. Banks continuously try to out-do one another in the delivery of bespoke services built on technology. Zenith Bank, despite being an integral member of the industry, appears to lead the pack by a mile and there are reasons to prove this. The award-winning Bank continues to blaze…
-
My GH¢9m deposit is locked up at Global Access — Dr. Kofi Amoah
The majority share owner of defunct Global Access Savings and Loans company, Dr. Kofi Amoah, has revealed that he has about GH¢9 million deposits locked up in the company. Dr. Amoah explained that quite apart from being the owner, he deposited about GH¢20 million in placement into a number of investment instruments to help the…
-
Global Access Savings and Loans lost US$5 million to fraud — Kofi Amoah reveals
The majority shareowner of defunct Global Access Savings and Loans, Dr. Kofi Amoah, has opened the lid to some of the challenges the company went through which culminated in having its license revoked by the Bank of Ghana. Dr. Kofi Amoah, whose company Progeny Ventures owns Global Access Savings and Loans speaking on Good Evening…
-
Customers storm Women’s World Banking for deposits
Customers of the Women’s World Bank (WWB) in Tema Community One, have stormed the bank to demand their deposits following the revocation of its license by Bank of Ghana. The WWB is one of the 23 insolvent financial institutions which lost their licenses in a clean up by the Central Bank. The customers, mostly women,…
-
BoG gives 2020 deadline to rural banks, MFIs to meet capital requirements
The central bank has given rural and community banks and microfinance institutions up to February 2020 to meet their respective minimum capital requirements. The Bank of Ghana in 2015 announced an upward revision to the minimum capital requirements of rural/community banks to GH¢1 million to be met by December 31, 2017. Also, the central bank…
-
Receiver secures loan from BoG to pay workers of collapsed MFIs
The receiver of the collapsed microfinance companies, Eric Nana Nipah has stated that he has secured a facility from the central bank to cater for some microfinance workers who were engaged to help the receivership process. Mr. Nipah speaking in an interview with Citi News stated that some of the collapsed companies had funds in…
-
List of Finance Houses in good standing after BoG clean-up
Before the Bank of Ghana undertook the clean up of the Finance House sector last Friday, there were 21 licenced finance houses. The central bank decision, however, meant that only 11 of them remain now in addition to three others that operate finance and leasing companies to offer financial intermediation to the public. Below is…
-
Customers of collapsed MFIs may not get full deposits — Eric Nipah
The receiver of the microfinance companies collapsed by the central bank, Eric Nipah, has stated that there is no guarantee that the customers of such financial institutions will be able to retrieve their full deposits lodged. Mr. Nipah speaking in an interview on the Citi Breakfast Show with Bernard Avle stated that the receivership processes…