Tag: BoG
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BoG closes down Dancom Microfinance Limited, arrests directors
The Bank of Ghana has shut down Dancom Microfinance Limited for operating illegally. The Directors of the company have also been arrested and are being prosecuted for operating without a license. “…Dancom Microfinance was engaged in deposit-taking activities without licence contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016(Act 930).” “The…
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Menzgold to pay customers their monies from Friday
Management of gold dealership company Menzgold, has announced that customers can visit branches of the company to demand their matured investment from tomorrow [Friday], September 28, 2018. Addressing a press conference today, Thursday, Corporate Affairs Manager of Menzgold, Nana Yaw Ofei, explained that the company will pay all its customers that were trading with them…
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Debt stock to rise further with weak industrialization – Economists
Economists have warned that the country’s rising debt stock will continue until the government changes the structure of the economy. Latest figures released by the Bank of Ghana show that the country’s debt stock has reached 159.4 billion cedis. This represents 65.9 percent of the GDP which is the total value of all goods and…
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Menzgold’s woes won’t have huge impact on financial sector – Economist
The closure of parts of the operations of gold trading company, Menzgold, won’t significantly impact Ghana’s financial sector. Economist, Professor Godfred Bokpin, explained that the development is as a result of investors’ risk which regulators cannot be entirely blamed for. The SEC has ordered the immediate suspension of the gold deposit-taking business of Menzgold. A…
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Cyber crime rises but industry recovers GH¢160m in 2017
An estimated 80% of the value of all cyber fraud cases was recovered in 2017, the Bank of Ghana has stated. However, instances of cyber fraud continue to rise as the figure went up by about 42% between 2016 and 2017. The central bank is therefore embarking on new strategies to reduce the crime to…
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BoG reduces cash in circulation with re-opened bonds
The Bank of Ghana (BoG) could be mopping up excess liquidity in the economy with the re-opening of three Government of Ghana bonds. By this, the central bank is seeking to reduce money in circulation to tame inflation and other economic impacts. The settlement for the three bonds is expected to be made today [September…
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Compliance level for banks’ recapitalisation risky – Economist
Economist, Dr. Lord Mensah has described as quite disappointing, the number of banks that are yet to meet the minimum capital requirement. According to him, the development shows how most of the banks are struggling to meet the deadline by end of year [2018]. “It is quite disappointing because banking operations is basically sourcing for…
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Over a dozen banks yet to meet GH¢400m minimum capital
At least fifteen (15) banks are yet to announce their position on meeting the new minimum capital requirement with four months to the deadline. This is because Citi Business News’ analysis has shown that six (6) banks have reached the target with seven (7) others undertaking various measures to recapitalize. The six banks include; the…
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Give EOCO unfettered access to Menzgold – Asiedu-Mante
A former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu-Mante has backed the investigations into the operations of Menzgold by the Economic and Organised Crime Office (EOCO). In his view, the probe is necessary if the sanctity of the financial sector is to be upheld. Mr. Asiedu-Mante’s comments come on the back of the…
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UT Bank collapse: Prince Amoabeng breaks one year silence
The Founder of defunct UT Bank, Prince Kofi Amoabeng has denied reports that he failed to account for 5 million cedis debt repayment to the Board which contributed to the revocation of the bank’s license in August 2017. In his major public comment after the revocation of the bank’s license over a year now, Mr.…