Category: Banking And Finance
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Former Republic Bank MD Asare Akuffo passes on
Former Managing Director of Republic Bank, Asare Akufo has died. He said to have died yesterday, a source close to the family told Citi Business News. Mr. Asare Akuffo was the MD of Republic Bank, formerly HFC Bank, for close to 10 years. His contract with the bank ended in June 2015 which saw him…
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BoG fines Barclays Bank GHS4.6m over forex regulations breach
The central bank has announced that it has fined Barclays Bank Ghana an amount of GH¢4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market. A press release issued by the Bank of Ghana said Barclays’ action is in breach of the Ghana Interbank Forex Market Conduct Rules. “The Bank of Ghana is…
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Gov’t looking for money to clean-up Savings and Loans sector next – Nana Otuo Acheampong
Following the recent clean-up exercise in Ghana’s microfinance sector, Citi business News is learning that government is preparing to make money available for the Bank of Ghana to start cleaning the Savings and Loans Sector. Last week the Bank of Ghana announced the revocation of the licences of 192 insolvent microfinance companies. In addition, licenses…
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Microfinance clean-up: Receiver to pay creditors within a month
All persons entitled to claims from any of the collapsed microfinance companies should expect payment at least from the next one month. It will however follow the completion of validation for such claims by the Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC). The latest directive was contained in a statement issued by Mr. Nipah. Per…
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Full list of microfinance institutions shut down by Bank of Ghana
The Bank of Ghana has descended on Non-bank financial institutions as part of measures to sanitize the financial sector. The central bank on Friday, May 31, 2019, announced that it had revoked the licenses of some 347 microfinance institutions in the country. It also took similar action against some 39 microcredit institutions operating in Ghana.…
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Bank of Ghana clean-up leaves only 137 microfinance companies in good standing
Ghana currently has 137 microfinance companies in good standing after about 347 of such institutions had their licenses revoked by the Bank of Ghana on Friday, May 31. The central bank in a statement said the institutions whose licenses were revoked were either insolvent or had ceased operations. The Bank of Ghana in the statement…
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Bank of Ghana revokes licenses of 347 microfinance; 39 microcredit companies
The Bank of Ghana has revoked the licence of 347 microfinance companies as well as 39 microcredit companies, a statement issued by the central bank has said. The revocation of the licences of these institutions, the statement said, is to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and…
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Insurance products must be well explained to gain trust—Bedrock Insurance CEO
Stakeholders in the insurance industry have urged insurance companies to build trust by properly explaining insurance policies to clients before they sell to the public. The call comes after several complaints from policyholders who complain of being shortchanged by insurance companies whenever there is an accident and they file for claims. Speaking to Citi Business…
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Government paying US$140m to IPPs every month — BoG
Governor of the Bank of Ghana, Dr. Ernest Addison has revealed government is currently paying more than US$140 million every month for power produced by independent power producers, regardless of whether the power is used or not. Dr. Addison speaking at Monday’s Monetary Policy Committee press briefing in Accra said the amount is a drain…
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GHS1.4 billion used in the closure of Heritage, Premium banks — BoG reveals
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that an amount of GHS1.4 billion was used in the resolution of Heritage and Premium banks, following the revocation of their banking licences early this year. Speaking at Monday’s Monetary Policy Committee press conference, the governor stated that the amount was the shortfall realised…