Tag: Bank of Ghana
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My GH¢9m deposit is locked up at Global Access — Dr. Kofi Amoah
The majority share owner of defunct Global Access Savings and Loans company, Dr. Kofi Amoah, has revealed that he has about GH¢9 million deposits locked up in the company. Dr. Amoah explained that quite apart from being the owner, he deposited about GH¢20 million in placement into a number of investment instruments to help the…
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![[Article] The impact of central bank reforms on banking in Ghana](https://citibusinessnews.com/wp-content/uploads/2019/08/Bank-of-Ghana1.jpg)
[Article] The impact of central bank reforms on banking in Ghana
The banking sector in Ghana has witnessed significant growth in the past decade with respect to governance, capitalization, and competition. The industry evolved from a few indigenous and the traditional high street banks totaling 18 in 2002 to 34 banks in 2017. From hindsight, one could argue that the discovery of oil in commercial quantities…
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BoG gives 2020 deadline to rural banks, MFIs to meet capital requirements
The central bank has given rural and community banks and microfinance institutions up to February 2020 to meet their respective minimum capital requirements. The Bank of Ghana in 2015 announced an upward revision to the minimum capital requirements of rural/community banks to GH¢1 million to be met by December 31, 2017. Also, the central bank…
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Receiver secures loan from BoG to pay workers of collapsed MFIs
The receiver of the collapsed microfinance companies, Eric Nana Nipah has stated that he has secured a facility from the central bank to cater for some microfinance workers who were engaged to help the receivership process. Mr. Nipah speaking in an interview with Citi News stated that some of the collapsed companies had funds in…
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Customers of collapsed MFIs may not get full deposits — Eric Nipah
The receiver of the microfinance companies collapsed by the central bank, Eric Nipah, has stated that there is no guarantee that the customers of such financial institutions will be able to retrieve their full deposits lodged. Mr. Nipah speaking in an interview on the Citi Breakfast Show with Bernard Avle stated that the receivership processes…
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Collapsed MFIs: More depositors to be paid this week — Receiver
More customers of the 347 microfinance companies that had their licenses revoked on May 31, 2019, will be paid this week, the receiver appointed by the Bank of Ghana has revealed. The receiver, Eric Nana Nipah — a Partner at PwC, speaking on the Citi Breakfast Show on Monday morning admitted that claims payments to…
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GH¢90m to be paid to customers of collapsed microfinance companies — Receiver
The receiver of the 347 microfinance companies collapsed by the Bank of Ghana in May has said it will soon pay claims of about GHS90 million to customers of the affected institutions. Eric Nana Nipah, who was appointed Receiver by the central bank, stated that the payments were made after the claims were verified. Mr.…
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Insolvent Global Access S&L was still paying high rent to its owner — BoG
The Bank of Ghana has stated that Global Access Savings and Loans Company, one of the companies which lost its license, was still paying rent to its majority shareholder even at the point when the company was unable to meet depositors’ demands. The central bank on Friday revoked the license of the Osu-headquartered Global Access…
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About 1,400 workers of GN Savings and Loans fate hangs
The fate of close to 1,400 workers of the collapsed GN Savings and Loans hangs in the balance after the central bank’s decision to revoke their operating license. The company recently applied to downgrade its operations to savings and loans after operating as a bank for a couple of years. GN Savings and Loans until…
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Collapsed 23 specialized deposit-taking institutions lost GH¢2.3 billion
The savings and loans companies and financial institutions collapsed by the central bank had a combined negative net worth of GH¢2.3 billion, the release from the Bank of Ghana has shown. Negative net worth is a condition in which a company’s liabilities exceed its assets plus shareholders equity. According to the Bank of Ghana’s statement,…