Category: Banking And Finance
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Confidence in savings and loans sector will be restored- Bonds Savings & Loans CEO
The Chief Executive Officer of Bond Savings and Loans Plc, George Ofosuhene, is hopeful confidence in the sector will improve significantly with the deliberate steps taken by regulators following the financial sector clean up. “I think that there are processes and programs that are in place that are being churned out and very soon we…
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2019 National Best Farmer receives ¢536,000 cash prize from adb
The Agricultural Development Bank, adb, has presented a cheque prize of five hundred and thirty-six thousand cedis to the National Best Farmer for 2019. Charles Gyamfi’s prize is presented in fulfillment of the bank’s commitment to support the agric sector per its mandate. Charles Gyamfi, who emerged the National Best Farmer in 2019, beat off…
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Pension enrollment in informal sector must be improved – CEO of Axis Pension Trust
Some stakeholders in Ghana’s pension sector have called for measures to improve pension enrollment among the informal sector of the economy. Even though Ghana’s informal sector is made up of the biggest working group, less than 2 percent of the people operating in that area have not signed on to any form of pension contribution.…
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Receiver to pay all customers of defunct Microfinance, S&Ls firms by March ending
The receiver of the collapsed microfinance companies, savings and loans, and finance houses, has assured that all affected depositors will receive their locked up investments by end of March this year, after payment processes started on Monday, February 24, 2020. The deadline follows a promise by President Akufo-Addo during the State of the Nation Address…
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Reduction in number of indigenous banks unhealthy for economy – IEA
The Institute of Economic Affairs (IEA), an economic policy think tank, has said the result of the financial sector clean-up carried out by the Bank of Ghana which saw a reduction in the number of indigenous banks, has left the country’s financial sector in an unhealthy position. Banks operating in Ghana reduced from 35 to…
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Bank of Ghana to establish Enterprise Credit Scheme to support SMEs
As part of efforts to make access to credit much easier for Small and Medium Enterprises, SMEs, particularly in the agricultural value chain, the Bank of Ghana has announced the establishment of an Enterprise Credit Scheme to support SMEs to secure funding from local banks. Access to credit remains one of the major bottlenecks for…
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Payment for customers of collapsed Microfinance and S&Ls delays again
Checks by Citi Business News at a number of Consolidated Bank Ghana branches on Monday, February 24, 2020, did not indicate that payment for customers of defunct microcredit, microfinance and savings and loans companies, was taking place as expected. Following President Akufo-Addo’s assurance of payment from 24th February, during the state of the nation address,…
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Customers of collapsed Fund Managers accuse gov’t of neglecting them
Customers of defunct fund management companies have expressed worry about government’s seeming lack of concern in the recovery of their locked up funds. President Akufo-Addo in the State of the Nation Address last week assured customers of defunct Savings and Loans and Microfinance Companies including DKM customers, that they will be paid their funds in…
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Financial sector clean-up: Micro finance, S&Ls customers to access deposits from today
Customers of the collapsed microfinance, savings and loans and finance houses will from today, Monday February 24, begin to access their full locked-up funds, the receiver Eric Nana Nipah has confirmed to Citi Business News. The customers of the 347 microfinance companies, 23 savings and loans and finance houses, as well as 39 micro-credit institutions…
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SEC set to issue new licenses to streamline investment banking activities
Capital market operators who would like to engage in assisting firms to raise capital in the form of Initial Public Offerings and bonds should be ready to obtain separate licenses for such activities anytime soon. It follows plans by the regulator, the Securities and Exchange Commission, SEC, to ensure sanity in the market. This will…