Tag: Bank of Ghana
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IT Consortium receives enhanced Payment Service Provider license from BOG
The Bank of Ghana (BOG) has granted one of the country’s leading FinTech companies, IT Consortium Limited (ITC), an enhanced Payment Service Provider (PSP) license. The acquisition of the license, which is the highest license within the PSP category, follows the passage of the Payment Systems and Services Act, 2019 (Act 987) which creates an…
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Receiver traces assets of collapsed Microfinance & S&Ls to settle outstanding claims
The Receiver of the defunct 347 Micro Finance Companies, 23 Savings and Loans and Finance House Companies, Eric Nana Nipah, says he is undertaking a detailed asset tracing of the owners of the collapsed financial institutions. This is to enable him have access to more liquidity in settling outstanding claims following the collapse of the…
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Negotiations to pay claims to ex-staff of Microfinance and S&Ls firms starts today
The Receiver, Eric Nana Nipah will from Monday, July 13, 2020, begin negotiations with all authorized representatives of former employees of the defunct 347 microfinance firms and 23 savings and loans companies and Finance House firms to pay them their full outstanding salaries and negotiated and exit packages. This follows a decision by the Bank…
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BoG to pre-finance outstanding salaries of ex-staff of Microfinance and S&Ls firms
The Bank of Ghana has agreed to pre-finance the full outstanding salaries and negotiated an exit packages of former employees of the defunct 347 microfinance firms and 23 savings and loans companies and Finance House firms. This was announced in a statement by the Receiver, Eric Nana Nipah, who doubles as a Director of PricewaterhouseCoopers…
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How long must we wait for justice? – Nduom asks as GN Savings’ case suffers more adjournments
Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, says he is looking forward to securing victory in the lawsuit against the Bank of Ghana for the restoration of the license of GN Savings and Loans Company. He says his interest is to pay customers of the company of Goldcoast Fund Management now Blackshield Fund Management…
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Benchmarking prices of goods and services against the exchange rate illegal – BoG Governor
The Governor of the Bank of Ghana, BoG, Dr. Ernest Addison, has reiterated that it is illegal to price goods and services in foreign currencies such as the U.S dollar. Despite the existence of the law, the practice exists in many facets of the Ghanaian economy as some businesses have even adopted new ways by…
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Illegal Forex trading has reduced due to our policies – BoG Governor
The Governor of the Central Bank, Dr. Ernest Addison, has indicated to the Public Accounts Committee of Parliament, that activities of illegal Forex trading, also known as the Black Market, have reduced. This he attributes to better decisions taken by government in its management of the economy. “I think the pressure in terms of the…
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GN License Case: Court dismisses BoG’s appeal, orders them to justify revocation
The Court of Appeal on Monday, June 22, 2020, dismissed an appeal by the Bank of Ghana, which challenged the jurisdiction of the High Court in hearing the suit filed by GN Savings and Loans over the revocation of its license. BoG had argued that the High Court has no jurisdiction to hear the complaint…
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BoG clean up responsible for banks’ resilience to COVID-19 shocks – Consultant
A banking consultant, Nana Otuo Acheampong has said the financial sector cleanup carried out by the Bank of Ghana, is responsible for the resilience of banks amidst the COVID-19 pandemic. 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…
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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,…