Category: Banking And Finance
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BoG closes down Dancom Microfinance Limited, arrests directors
The Bank of Ghana has shut down Dancom Microfinance Limited for operating illegally. The Directors of the company have also been arrested and are being prosecuted for operating without a license. “…Dancom Microfinance was engaged in deposit-taking activities without licence contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016(Act 930).” “The…
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We’ve saved deposits of 1m Ghanaians in cleaning banking sector – Nana Addo
President Nana Addo Dankwa Akufo-Addo has revealed that the rationalization of the banking sector, undertaken by his government, has ensured that deposits of one million, one hundred and forty-seven thousand, three hundred and sixty-six (1,147,366) Ghanaians were saved. Speaking at the inauguration ceremony of the new Standard Chartered Head Office on Wednesday, 3rd October, 2018, President…
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Dr. Nduom leads campaign to stop panic withdrawals
Following recent developments of panic withdrawals within the financial sector, the Chairman of GN Bank, Dr. Papa Kwesi Nduom will lead a team of bank officials to begin a tour of the ten regions on Wednesday 3rd October with the theme “STOP THE PANIC WITHDRAWALS AND STRENGHTEN OUR INDIGENOUS BANKS”. The team will use the…
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Databank dissociates itself from investment website ‘INVEST-XD’
Investment company, Databank, has warned the general public against investing with a website, INVEST-XD. Managers of the INVEST-XD website, are allegedly encouraging the public to invest with them in Databank’s products such as Databank MFund, claiming it has a partnership with the investment firm. But in a statement copied to Citi Business News, Databank said…
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adb embarks on expansion drive in Ashanti & Northern regions
ADB Bank is to commence the financing of selected projects in the Ashanti and Northern regions. This will also see the bank expand its branch network to the two regions. A statement from ADB to Citi Business News said, “the bank’s new focus is to work with small and medium size indigenous businesses with the…
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Ghana Reinsurance pays GH¢9m dividend to government
The Ghana Reinsurance Company has paid a dividend of 9 million cedis to the government of Ghana. The payment represents a 50% increase over year 2016 dividend payment to government. The payment comes at a time when the Minister for Lands and Natural Resources has called on companies to ensure they pay dividend to government…
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Zenith Bank walks to mark 13th year in Ghana
Zenith Bank has held its annual health walk to mark the company’s 13 years of operating in Ghana. The event which took place at the bank’s new head office at the Independence Avenue in Accra, saw scores of staff, customers, members of the public as well as affiliated institutions walk through some principal streets of…
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IMF blames cedi’s woes on weak communication
The International Monetary Fund (IMF) has stated that the lack of effective communication by the government on foreign exchange policies, has partly contributed to the cedi’s depreciation. The Fund believes that the lack of clarity also made the public resort to speculations which impacted the local currency’s performance. A report issued by the IMF’s mission…
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Ghana’s growth prospects strong; revenue shortfall must be tackled- IMF
A team from the International Monetary Fund (IMF) which undertook the seventh review of Ghana’s performance with regards to the IMF’s extended credit facility says the country’s growth prospects remain strong, but expressed worry over revenue shortfalls. The team was in Accra from September 17-27, 2018, and held various discussions focusing on recent developments, fiscal…
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Don’t panic, we are still strong – Savings & Loans Association
The Ghana Association of Savings and Loans Companies is assuring clients and the general public that the sector is still robust despite recent issues facing the financial sector. A statement from the association to Citi Business News admitted to challenges with some Savings and Loans Companies. But it is confident such issues should be resolved…