Category: Banking And Finance
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Aggrieved customers of Gold Coast Fund Mgt threaten to picket at Finance Ministry
Leaders of the aggrieved customers of the defunct Gold Coast Fund Management Company have given government up to July 24 to accelerate efforts to pay their locked –up funds or commence a 36-hour picketing at the Finance Ministry. This is coming after the aggrieved group made a call for an investigation into the Economic and…
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Over 420 suspected loan app operators arrested
Over 420 suspects engaged in loan app operations have been arrested. The Cyber Security Authority, in partnership with the Bank of Ghana and the Economic and Organized Crime Office (EOCO), launched a swoop as part of a combined Cyber security committee operation, which resulted in the arrest of the suspects. The joint operation involved a…
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Picketing by Individual Bondholders Forum suspended
Members of the Coalition of Individual Bondholders Groups have suspended their planned picketing at the premises of the Finance Ministry, to demand payments of their outstanding principals and coupons. This comes after government’s payment of all outstanding matured coupons and principals owed the group. The group, made up of the Ghana Individual Bondholders Forum and…
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Govt honours obligations; pays matured coupons of individual bondholders
The Government has confirmed the settlement of all outstanding arrears owed to members of the Individual Bondholders’ Forum. A statement issued by the Finance Ministry on Monday explained that all coupons and principals due up to June 19 have been paid, and instructions for the payment of coupons up until July 10, 2023, have been…
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Bank of Ghana to auction US$120 million to BDCs in 2023 third quarter
The Bank of Ghana will in the third quarter of 2023 sell $120 million to Bulk Oil Distribution Companies (BDCs) under the FX Forward Auction Calendar for the same period. the calendar, $40 million each would be auctioned in July, August and September. Further breakdown suggests that $20 million each will be sold on July…
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Société Générale Ghana records GHS 109M profit in 2022 despite DDEP impact
Société Générale Ghana Plc recorded a GHS 109 million profit after tax for the year 2022 as compared to the GHS 184 million cedis recorded in 2021. This represents a decrease in the profit margin of the bank. This comes on the back of the implementation of the Domestic Debt Exchange Programme (DDEP) by government…
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Ban on cryptocurrency still in force – Finance Ministry warns
The government has reiterated its ban on the use of cryptocurrency in all transactions, saying that all financial institutions in the country have been directed not to engage in crypto transactions. Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, made the announcement when he answered questions on the floor of Parliament. “The…
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Aggrieved Menzgold customers demand action from Parliament
The Coalition of Aggrieved Customers of Menzgold (CACM) has urged the Speaker of Parliament to admit, move, and deliberate the motion filed on their behalf before the next mid-year budget is presented on July 27, 2023. The coalition said that members of Parliament have not been able to bring the issue to the fore and…
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Coalition of Individual Bondholders Groups to picket at Finance Ministry over unpaid bonds
The Coalition of Individual Bondholders Groups has notified government that members of the group will picket the Ministry of Finance from July 6 to demand payments of their bonds. The picketing will continue until their grievances are addressed by the relevant authorities. The Coalition, which is made up of the Individual Bondholders Association of Ghana…
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GCB Bank unveils comprehensive turnaround plan to revitalize operations after DDEP blow
At the annual general meeting of the Ghana Commercial Bank (GCB), Managing Director Kofi Adomakoh addressed the bank’s financial performance in 2022 and outlined the challenges faced by the bank and the overall operating environment. The bank’s financial performance in 2022 reflected the impact of several factors, including the Domestic Debt Exchange Programme (DDEP) initiated…