Tag: Banking Reforms
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Locked up funds: More than 13,000 microfinance, S&L customers paid – CBG
The Consolidated Bank, Ghana, says the process to pay customers of defunct microfinance companies, savings and loans companies and finance houses has been smooth. According to the bank, as of Friday, February 28, 2020, over 13,000 customers had been paid fully. The bank added that the number of customers paid includes 490 companies, 581 social…
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Receiver auctions cars to pay off depositors of collapsed S&Ls, microfinance companies
Auction is underway for vehicles and motorbikes of collapsed microfinance and savings and loans companies. The exercise, which is being carried out at the college of physicians and surgeons, is part of measures to defray monies owed the affected customers of the collapsed financial institutions. The Bank of Ghana in May and August last year…
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Banking reforms responsible for 17.1 percent rise in banks’ deposits – BoG report
It is emerging that Ghanaians are renewing their confidence in the banking sector following the clean up carried out by the Bank of Ghana over the past two years. This is evident in the deposits recorded by commercial banks for the period ending October 2019. According to the regulator, deposits, which is a major source…
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Banks deposits growth slows amidst banking reforms
The growth rate in commercial banks’ deposits has slowed down amidst the reforms undertaken by the central bank to strengthen the sector. The Bank of Ghana in its latest banking sector report stated that deposits, as the main source of funding for the banking industry, grew by 17.1 percent in October 2019, marginally lower than…
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Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that the financial sector clean up prevented about 7,000 people from losing their jobs. The financial sector reforms spearheaded by the Bank of Ghana saw 9 banks lose their licenses as well as 23 savings and loans and finance houses. More than 340 microfinance companies spread across the…
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Banking sector reforms: Action was necessary to build a robust financial sector – NAPO
It appears government officials and particularly Bank of Ghana officials, would have to keep explaining for a little longer why the financial sector clean-up was a necessary evil. Following arguments for and against the exercise including even the political twists often attached to it, government officials have had to reiterate many times why it was…
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EIU bets on BoG’s banking sector reforms to boost private sector growth
The Economist Intelligence Unit (EIU) is forecasting that the banking reforms done by the Bank of Ghana will boost growth in the country’s non-oil sector. The UK-based business advisory firm in its latest country report said the remaining banks after the clean up will be in a better position to lend to the private sector…
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KPMG denies media reports of Nii Amanor Dodoo’s dismissal
International audit and business advisory firm, KPMG, has denied some media reports that its former Senior Country Partner, Nii Amanor Dodoo, who was appointed by the central bank as receiver for some five collapsed banks has been fired from his job. A statement issued by the firm in Accra said the report which first appeared…
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Banks profit soar to GH¢2.24 billion after banking reforms
The Bank of Ghana’s latest Banking Sector Report has revealed that commercial banks were able to make in excess of GH¢2.24 billion in the first eight months of 2019. According to the report, the industry recorded an after-tax profit of GH¢2.24 billion, a 38.4 percent growth over profits recorded by the banking sector for the…
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High Court grants receiver permission to take over Unibank property
An Accra High Court last Friday dismissed an application for injunction filed by owners of defunct Unibank to prevent Nii Amanor Dodoo, acting as receiver for Unibank, from taking over a property in East Ridge, Accra belonging to the former bank. Mr. Amanor Dodoo, who was appointed the receiver for Unibank, has embarked on an…