Category: Banking And Finance
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Government pays close to GHS300m judgement debt since 2017
The Government of Ghana has paid over GHS283 million in judgment debts since January 2017. This is according to an answer cited in the order paper of Parliament from the Finance Minister in response to a question filed by MP for Mion, Abdul Aziz Mohammed. “Government continues to pay several millions of cedis in judgment…
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Gold Coast Fund to petition Economic Management Team for support to pay customers
Gold Coast Fund Management company, a subsidiary of Groupe Nduom, is looking to petition the government’s economic management team, as it seeks financial support to help meet customers’ demands. The company, licensed by the Securities and Exchange Commission (SEC), has been struggling to pay customers whose investments have matured in the past 12 months or…
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Cedi records worst half year performance since 2015
The local currency has recorded its worst half-year performance since 2015, according to data from the Bank of Ghana interbank exchange market. As at June 29 this year, the cedi has depreciated by 8.2 percent, the worst since the local currency recorded 26.2 percent depreciation in 2015. This year’s performance was characterised by a very…
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Nduom takes on government in court to retrieve GHS2.2 billion
Ghana Growth Fund, a subsidiary of Groupe Ndoum, has commenced a number of legal suits against the Finance Ministry as well as other ministries, in a last-ditch attempt to retrieve over GHS2.2 billion owed to the company. The embattled company in its first three separate suits is chasing the Finance and Roads and Highways ministries…
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Recapitalisation will sustain claims payments – NIC
The National Insurance Commission (NIC) has expressed its resolve to increase genuine claims payments by industry practitioners in the country. The Commissioner of Insurance, Justice Yaw Ofori believes the move should boost uptake of insurance products in Ghana by the majority who are uninsured. The seeming disinterest by insurance companies to pay claims has partly…
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Fidelity Bank opens Digital Branch at East Legon
Fidelity Bank has opened an ultra-modern digital branch at East Legon to serve residents and surrounding businesses with the best banking services in a comfortable and friendly atmosphere. Located on the Lagos Avenue, it is the latest addition to the existing 75 branches of Fidelity Bank across the country. The East Legon Branch is the…
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Managing Director of Ghana Stock Exchange, Kofi Yamoah retires in October
The Managing Director of the Ghana Stock Exchange, Mr. Kofi Yamoah is set to retire from his position later this year [October 2019]. Mr. Yamoah has worked at the Ghana Stock Exchange for about 29 years and was appointed Managing Director of the bourse in 2003. He is a Chartered Accountant and an Investment Banker…
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Collapsed 347 microfinance companies: Receiver to come out with validated names soon
The Head of the Other Financial Institutions Supervision Department at the Bank of Ghana Mr. Joseph Amoah-Awuah has stated that the receiver of the defunct 347 microfinance companies and the 39 money lending companies is validating claims of customers of the companies. This follows calls from some customers who complained of not hearing from the…
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Managers of Ghana Stock Exchange introduce new initiatives to improve 2019 performance
Investors on the Ghana Stock Exchange(GSE) should expect a marginal increase on returns for 2019 after the local bourse recorded a negative performance in the preceding year. According to managers of the GSE, far reaching initiatives are being taken to improve the performance, relative to 2018. “The initiatives include: preparation and adoption of new strategic…
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Government grabs US$200m World Bank cash to support private sector growth and boost job creation
Government has secured a US$200 million facility from the World Bank to help in the transformation and diversification of its economy by promoting private investment and firm growth in the real sectors of the economy. The facility is aimed at implementing an integrated programme will help boost the country’s competitiveness and deliver sustainable jobs under…