Tag: Bank of Ghana
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GCB Bank to expand operations through technology—Board Chairman
The Board Chairman of GCB Bank, Jude Kofi Arthur has stated that the bank will focus on expanding is operations through technology. According to him, even though GCB bank can boost of the largest number of branches in the country, it will however leverage on technology to further entrench its position as the leading bank…
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uniBank’s owners file injunction against sale of assets
The shareholders of uniBank have filed for an injunction against the auctioning of some assets of the bank by the Receiver, Nii Amanor Dodoo. This is after the Accra High Court judge presiding over the case in which the Directors of uniBank are contesting the revocation of the bank’s license appointed an arbiter, ex-Supreme Court…
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Policy holders with ESICH Life Assurance to access claims soon
Policy holders with ESICH Life Assurance should expect to receive part of their locked up claims in the next 2 to 3 months. That is according to the regulator for the insurance sector in Ghana, the National Insurance Commission (NIC). The NIC back in October 2018, moved in to get customers of ESICH Life Assurance…
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Gov’t can’t pay full principal and interest to Microfinance customers – Financial Economist
A Financial Economist Dr, Lord Mensah has expressed doubt about the ability of the receiver of the now defunct 347 microfinance companies, to be able to pay all the affected depositors their full principals in addition to their interests. The Bank of Ghana (BoG) had earlier indicated that it had secured about one GHC 1 billion to…
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BoG fines Barclays Bank GHS4.6m over forex regulations breach
The central bank has announced that it has fined Barclays Bank Ghana an amount of GH¢4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market. A press release issued by the Bank of Ghana said Barclays’ action is in breach of the Ghana Interbank Forex Market Conduct Rules. “The Bank of Ghana is…
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Gov’t looking for money to clean-up Savings and Loans sector next – Nana Otuo Acheampong
Following the recent clean-up exercise in Ghana’s microfinance sector, Citi business News is learning that government is preparing to make money available for the Bank of Ghana to start cleaning the Savings and Loans Sector. Last week the Bank of Ghana announced the revocation of the licences of 192 insolvent microfinance companies. In addition, licenses…
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Microfinance clean-up: Receiver to pay creditors within a month
All persons entitled to claims from any of the collapsed microfinance companies should expect payment at least from the next one month. It will however follow the completion of validation for such claims by the Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC). The latest directive was contained in a statement issued by Mr. Nipah. Per…
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Full list of microfinance institutions shut down by Bank of Ghana
The Bank of Ghana has descended on Non-bank financial institutions as part of measures to sanitize the financial sector. The central bank on Friday, May 31, 2019, announced that it had revoked the licenses of some 347 microfinance institutions in the country. It also took similar action against some 39 microcredit institutions operating in Ghana.…
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Bank of Ghana clean-up leaves only 137 microfinance companies in good standing
Ghana currently has 137 microfinance companies in good standing after about 347 of such institutions had their licenses revoked by the Bank of Ghana on Friday, May 31. The central bank in a statement said the institutions whose licenses were revoked were either insolvent or had ceased operations. The Bank of Ghana in the statement…
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Government paying US$140m to IPPs every month — BoG
Governor of the Bank of Ghana, Dr. Ernest Addison has revealed government is currently paying more than US$140 million every month for power produced by independent power producers, regardless of whether the power is used or not. Dr. Addison speaking at Monday’s Monetary Policy Committee press briefing in Accra said the amount is a drain…