Tag: Banking Reforms
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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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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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Bank of Ghana records GH¢793 million loss in 2018
The Bank of Ghana (BoG) last year recorded a loss of GHS793 million resulting from its operations, the bank’s 2018 Annual Report, has shown. The figure represents a more than 50 percent drop from the GHS1.6 billion the bank made in 2017 when the troubles from the banking sector were at their peak. The central…
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Former banks’ employees could face up to 10-year ban
The Bank of Ghana has announced that former employees or shareholders of commercial banks that are found to have flouted the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), could be banned for up to 10-years from working or owning shares in the sector. The central bank on Thursday, July 25, 2019, published its…
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BoG moves to scrutinize appointments of all key staff of banks
The Bank of Ghana has announced it will now assess people appointed by financial institutions into key positions using its new fit and proper persons directive. The directive is the central bank’s latest move to ensure sound corporate governance as a way of instilling confidence in the banking sector. According to the Fit and Proper…
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Gov’t injects GHS800m into GAT after failed bond attempt
Ghana has pumped GHS800 million ($150 million) into a special purpose vehicle created to bail out banks that don’t have enough capital, according to four people with knowledge of the matter. Ghana Amalgamated Trust, or GAT, will be getting the funds from the finance ministry after dropping a plan to raise the money through a…
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Ghana stock market performance reach 21 month low as banking sector clean-up effects bite
Ghana stocks headed for the lowest in 21 months as investors sold shares to free up cash as they contend with the fallout from banking reforms in the West African nation. The Ghana Stock Exchange Composite Index retreated 1.5% as of 12:09 p.m. in Accra Wednesday, heading for the lowest close since October 2017. Ghana’s…
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Customers of collapsed microfinance companies to start receiving locked deposits today
The Bank of Ghana’s appointed receiver for the 347 collapsed microfinance companies, Eric Nana Nipah, will today start paying depositors whose claims have been validated and agreed. This follows the release of funds by the Government to the Receiver. A release issued by the receiver said over 420 personnel have been deployed across the country…
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Bank of Ghana considers review of minimum capital for MFIs
The Bank of Ghana (BoG) has said is considering a review of the minimum capital requirement for microfinance companies after it revoked the licences of more than 70 percent of them. The BoG, in a press release last Friday, notified the public of closure of 347 microfinance companies across the country – citing various…
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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…