Tag: banking sector clean-up
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Decision to clean-up banking sector wasn’t taken lightly — Bawumia
The Vice President Dr. Mahamudu Bawumia, has said the decision taken by the central bank to clean-up the banking sector was carefully planned and was not done in a haste. Speaking at a town hall meeting in Kumasi, the Vice President explained that the nine indigenous banks had challenges that threatened the overall health of…
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PEF urges payment of locked up funds after assurance from Prez Akufo Addo
Chief Executive Officer of the Private Enterprise Federation, Nana Osei Bonsu has charged President Akuffo Addo to follow up with the assurance of ensuring the central bank settles businesses who have their monies locked up in collapsed financial institutions. He says the government must, as a matter of priority, ensure locked up cash is within…
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Nalerigu: Some traders rely on ‘Susu’ boxes over financial sector challenges
Despite the presence of many financial institutions including banks and micro finance firms across the country, about 43 percent of Ghanaians are still not served by any formal finance firm. This led to the formulation of Ghana’s National Financial Inclusion and Development Strategy in 2018, to among other targets, increase access to formal financial services…
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Ghanaians confident in banks; but trust in Savings & Loans, Microfinance firms low – Survey
Ghanaians remain confident in banks despite the finance sector crisis and subsequent clean-up over the last two years. The story is however different for Savings and Loan companies and Microfinance companies, which are largely considered unsafe. According to a recent AfroBarometer survey, 58 percent of Ghanaians feel banks are a very safe place to keep…