Category: Banking And Finance
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Official Liquidator for defunct Fund Managers seeks clients’ help to prosecute ex-officials
The Registrar General, Jemima Oware, has asked disgruntled clients of defunct fund management companies to furnish her with any evidence suggesting misconduct by former directors of the affected companies, to enable her take legal action against them. She said this in reaction to calls by participants in the ongoing creditor meetings for the official liquidator…
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We’ve put in stringent measures to minimize fraud – Ghana Assoc. of Bankers
The President of the Ghana Association of Bankers, Alhassan Andani, has assured the general public of safety within the banking sector despite the increase in fraud cases. This follows new figures released by the Bank of Ghana earlier this year which show that cases of fraud in the banking sector increased to 2,295 in 2020,…
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Increase cash pay-out to fund management companies – GSIA urges Gov’t
The Ghana Securities Industry Association (GSIA) has appealed to government to increase the cash pay-out to existing fund management companies in the country to enable them honour their obligations to their customers. According to GSIA, this will ease the current tensions among stakeholders in the industry. The appeal comes days after the Securities and Exchange…
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Twenty out of 24 banks in Ghana paid GRA GHS1.6 billion as corporate tax in 2019
Twenty (20) out of the twenty (24) banks licensed in Ghana by Bank of Ghana in 2019, paid a total direct tax of GHS1.6 billion, which also include the five per cent national fiscal stabilization levy to Ghana Revenue Authority (GRA), the agency mandated by law to assess collect and account for tax revenue on…
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Registrar-General to meet creditors of defunct fund managers via virtual meeting
The Registrar-General and official Liquidator for the collapsed Fund Management Companies (FMCs) is set to hold virtual meetings with creditors of the collapsed institutions. The meetings will be held from Monday, September 7 to Friday, September 11, 2020. It will include customers of 20 out of 53 defunct fund management companies whose licenses were revoked…
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Registrar-General begins official liquidation of 20 defunct fund management firms
The Registrar-General and Liquidator for the collapsed Fund Management Companies has begun official processes to liquidate 20 out of 53 firms whose licenses were revoked by the Securities and Exchange Commission (SEC) in November 2019. It follows a High Court order for the formal winding up of the companies. To this end, creditors of 20…
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Pay us now and deal with court issues later – Customers of Blackshield to SEC
Some disgruntled customers of defunct Gold Coast Fund Management Limited, now Blackshield Capital, want government to find ways to pay them their locked up funds regardless of the outstanding legal issues. The calls come following the Securities and Exchange Commission’s recent announcement that no affected fund management firm customer will be excluded in government’s bailout…
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No one will be left out in bailout for clients of defunct fund managers – SEC clarifies
The Securities and Exchange Commission, SEC, has clarified that no customer will be excluded in government’s bailout package for persons whose funds have been locked-up in the 53 defunct fund management companies since November 2019. Earlier indications were that only customers of 22 defunct companies were going to benefit in the first phase due to…
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We’ve not exceeded our financing limit to the budget – BoG
The Bank of Ghana (BoG), has told the Public Accounts Committee (PAC) that it has significantly reduced its support to the budget in compliance with the directive that placed a cap on the bank’s financing. At the PAC sitting on Wednesday, September 2, First Deputy Governor of the BoG, Dr. Maxwell Opoku Afari, said they…
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NIB must focus on its mandate to stay competitive and profitable – Banking Consultant
Banking Consultant, Nana Otuo Acheampong, has expressed optimism about the prospects of the National Investment Bank, NIB, following government’s injection of GH¢800 million into its operations to help close its capital deficit. The injection of funds, which is in the form of a bond issued to the bank earlier in August this year, is part…