Category: Banking And Finance
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Banks withstand COVID-19 shocks, SDIs hit hard – BoG Report
A new report by the Bank of Ghana has established that even though banks have been resilient to shocks amidst the Covid-19 pandemic, the same cannot be said for Specialized Deposit-Taking Institutions such as Savings and Loans Companies and Microfinance firms. The report, which was conducted by the central bank for the first quarter of…
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We have GH¢1.35bn locked up in collapsed Microfinance, S&Ls – Fund Managers lament
The Ghana Securities Industry Association, GSIA, is appealing to the Ministry of Finance to urgently facilitate the payments of locked up monies estimated at 1.35 billion cedis, belonging to its members in the collapsed Savings and Loans and Microfinance Companies. The Association says the delay in accessing their funds is affecting onward payments to their…
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Customers of collapsed Fund Management firms appeal to SEC to facilitate payments
Customers whose monies have been locked up in collapsed Fund Management Companies are appealing to the Securities and Exchange Commission, SEC, to expedite payments based on the progress made with validation so far. The appeal comes after the Commission’s completion of its work on some Fund Managers who challenged the revocation of their licenses. The…
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The current environment doesn’t support additional borrowing – Economist warns gov’t
Economist, Dr. Lord Mensah, has advised government to be measured in its borrowing on both the domestic and international markets. According to him, the current environment does not support borrowing. Government recently accepted all bids tendered to raise GHS751.33 million at a coupon rate of 18.85 percent for a 3-year bond, which settled on 1st…
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SEC upholds revocation of ‘Gold Coast Fund Management’s’ license; restores some and suspends others
The Securities and Exchange Commission, SEC, has sustained the revocation of the license of Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited following the completion of work by the Commission’s Administrative Hearings Committee. A circular, published on the website of the SEC said four other companies have had their revocations sustained after they…
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G-Money stands tall with the best rates on the market – GCB MD
A comparative analysis of rates between G-Money and the three other mobile money service providers in Ghana show that G-Money currently stands tall with the best Peer to Peer (P2P), Cash Out and Mobile Money Interoperability (MMI) rates on the market. This is according to the Managing Director of the GCB Bank, Anselm Ray Sowah.…
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Money Wisdom Series: Improving your financial situation in 2020
For many Ghanaians, financial concerns are a regular source of anxiety, which is understandable given the uncertainties of today’s economy. Majority of Ghanaians go through financial stress each passing day and this affects their decision making and even their health. It’s important to remember that worry doesn’t solve the problem much, but answering the question…
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#CitiBusinessFestival: Archie Hesse urges collaboration with banks and fintechs to boost E-commerce payments
Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS) Limited, Archie Hesse, has advised merchants who intend to start serious commercial business in the E-commerce space to collaborate with the banks and fintechs to facilitate payments. According to him, the payment system is a key enabler for online business transactions. Speaking on…
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BoG declares no dividend for 2019 despite GH¢1.8bn profit
The Bank of Ghana posted a profit of 1.8 billion cedis for 2019. This is about twice the operating loss of 793 million cedis it recorded in 2018. This has largely been attributed to the strong performance the central bank posted for the year under review. For 2019, the Bank of Ghana’s income from fees,…
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‘Reinstated’ Fund Managers must have money to pay us – Customers tell SEC
The Coalition of Aggrieved Customers of Collapsed Fund Management Companies is calling on the Securities and Exchange Commission to ensure that any company whose license is restored, is liquid enough to pay clients back their locked-up investments. This follows an announcement by the Chief Executive Officer of the Securities and Exchange Commission, Rev. Daniel Ogbamey…