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    GUTA demands emergency engagement with stakeholders over port charge increment

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    139,331 jobs created from 1D1F so far – Alan Kyerematen

    Ghana’s energy sector debt reduced to $1.5 billion – Amewu

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    We did not provide guarantees to IPPs – World Bank clarifies

    Kristianne Reindorf Osei, MD, Twelve Springs Investment Group.

    Meet Kristianne Reindorf Osei; the Young Ghanaian MD of a real estate company bagging global awards

    KIA workers to withdraw services to demand removal of MD

    Managing Director and CEO of UBA Ghana, Olalekan Balogun.

    UBA Ghana restates commitment to provide fast and secure remittance service with Africash

    Support for indigenous companies needed to create more jobs – Opoku Prempeh

    Victor Yaw Asante,
FBNBank Ghana MD/CEO

    SMEs need to master ICUMS, attract credit in order to benefit from enormous AfCFTA opportunities – FBNBank MD

    Gas sub-sector becoming a fiscal burden to the country – IES study

    WAPCo’s role as a reliable partner in cleaner energy supply enhanced [ARTICLE]

    Don’t charge new rates until 3rd quarter – Shipping lines urged

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    GUTA demands emergency engagement with stakeholders over port charge increment

    We did not provide guarantees to IPPs – World Bank clarifies

    139,331 jobs created from 1D1F so far – Alan Kyerematen

    Ghana’s energy sector debt reduced to $1.5 billion – Amewu

    GCNET appeals against Labour Court ruling on redundancy pay

    KIA workers to withdraw services to demand removal of MD

    Support for indigenous companies needed to create more jobs – Opoku Prempeh

    Gas sub-sector becoming a fiscal burden to the country – IES study

    WAPCo’s role as a reliable partner in cleaner energy supply enhanced [ARTICLE]

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    We did not provide guarantees to IPPs – World Bank clarifies

    Kristianne Reindorf Osei, MD, Twelve Springs Investment Group.

    Meet Kristianne Reindorf Osei; the Young Ghanaian MD of a real estate company bagging global awards

    KIA workers to withdraw services to demand removal of MD

    Managing Director and CEO of UBA Ghana, Olalekan Balogun.

    UBA Ghana restates commitment to provide fast and secure remittance service with Africash

    Support for indigenous companies needed to create more jobs – Opoku Prempeh

    Victor Yaw Asante,
FBNBank Ghana MD/CEO

    SMEs need to master ICUMS, attract credit in order to benefit from enormous AfCFTA opportunities – FBNBank MD

    Gas sub-sector becoming a fiscal burden to the country – IES study

    WAPCo’s role as a reliable partner in cleaner energy supply enhanced [ARTICLE]

    Don’t charge new rates until 3rd quarter – Shipping lines urged

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    Huawei Y7a; Enjoy poster level shots at the touch of a button!

    Looking for a Balanced School Life? Here is a Gadget Guide for You

    Stress-test your systems against possible cyber-attacks – BoG to banks

    Standout while staying healthy and fit with the sleek HUAWEI WATCH FIT

    Five reasons why you should get the HUAWEI Y7a

    Stallion Motors Ghana Ltd introduces ZxAuto Terralord pickup

    Enjoy longer reading pleasure with the new HUAWEI MatePad T

    Huawei announces innovative HUAWEI Y7a in Ghana

    Patience Akyianu joins Hubtel as non-Executive Director

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    World Bank appoints Senegal’s Makhtar Diop as Managing Director of IFC

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    WTO Appoints Nigeria’s Ngozi Okonjo-Iweala as First Female Leader

    Ghana-UK finalize negotiations on new interim Trade Partnership Agreement

    Go City Cycle Share & Tour promotes bike-sharing culture in Ghana

    Mastercard, UNICAF offer cardholders 75% scholarships for internationally recognized degrees

    Digital transactions for 2020 up by 103% – GhIPSS report

    Shift focus from upscaling to upgrading – Ofosu-Dorte urges businesses

    Ghana receives €9.7 million EU Grant to improve access to electricity

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Receiver to pay all depositors of defunct Microfinance & S&Ls firms by end of July

by Nerteley Nettey
July 14, 2020
in Banking And Finance, Top Stories
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The Receiver of the defunct 347 Micro Finance Companies, 23 Savings and Loans and Finance Houses, Eric Nana Nipah, says customers who have not received their claims, should be able to access them by the end of July this year.

According to Mr. Nipah, he has already paid about 96% of customers, and is hopeful of completing the remainder by the end of this month.

Speaking on the Citi Breakfast Show, Mr. Nipah also said he has been able to save the country 1 billion cedis by scrutinizing fictitious claims.

“For depositors, we have come a very long way and I have been able to determine that actually, the depositor base in the three receiverships is in the region of GHS 5.4 billion by value of valid depositor claims that I have received. And out of that, I have been able to pay close to 96% of these claims,” he said.

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He also noted that about 98% of all the depositor claims will be paid in cash, while the remaining 2% will be paid through a combination of cash and bonds.

“I am on course to fully pay 98% of all depositor claims by way of cash. The two per cent that remains is being paid through a combination of cash and commercial paper which we commonly refer to as bonds”.

He further noted that, “through the very effective and robust validation mechanism that I have put in place, I have also been able to save the nation close to a billion cedis by way of robust and resilient validation processes,” he added.

Meanwhile, former employees of the defunct companies are also to receive their outstanding claims before the end of July. This follows the completion of negotiations between the Receiver and representatives of the workers.

“The month should start hitting their accounts within July; before the end of July. So let me give that assurance that the month of July, there will be a commencement of payment of employee related claims”.

This comes after the Bank of Ghana agreed to pre-finance the full outstanding salaries and negotiated an exit packages of the former employees.

The Bank of Ghana, between 2017 and 2019, revoked the licenses of nine local commercial banks and over four hundred financial institutions comprising Micro-finance, Savings and Loans as well Finance Houses, for violating various regulations guiding their operations.

This affected about 4.6 million depositors whose monies could have been lost completely had the regulators not taken the action.

It all began in August 2017, when the Bank of Ghana (BoG) gave GCB Bank Ltd the green light to acquire two local banks UT and Capital bank due to severe impairment of their capital.

Later in August 2018, the Bank of Ghana consolidated five other local banks into the Consolidated Bank Ghana Limited.

Then in May, 2019, 347 microfinance companies also had their licenses revoked by the Bank of Ghana.

The Bank of Ghana later in August 2019 again revoked the licences of twenty-three (23) insolvent savings and loans companies and finance houses, whiles the Securities and Exchange Commission revoked the licenses of over 50 Fund Management Companies.

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