Tag: FInancial sector reforms
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Receiver to pay all customers of defunct Microfinance, S&Ls firms by March ending
The receiver of the collapsed microfinance companies, savings and loans, and finance houses, has assured that all affected depositors will receive their locked up investments by end of March this year, after payment processes started on Monday, February 24, 2020. The deadline follows a promise by President Akufo-Addo during the State of the Nation Address…
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Banks in Ghana now stronger than before – Societe Generale MD
The Managing Director of Société Générale Bank, Ghana, Hakim Ouzzani, says Ghana’s banking sector is stronger now than before following the massive financial sector clean-up by the Bank of Ghana. The central bank revoked the licenses of nine commercial banks aside from the twenty-three insolvent savings and loans companies and finance houses, and the 347…
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Customers of Savings & Loans, Microfinance including DKM to get full payments
Vice President, Dr. Mahamudu Bawumia, says all customers of defunct savings and loans and microfinance companies will be paid their locked up funds in full, including DKM customers who were affected in 2015. This is the second time a high government official has made the assurance following a directive by President Akufo Addo to the…
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Print money to pay depositors of collapsed financial institutions – Kwame Pianim
Renowned Economist, Kwame Pianim, has suggested that the government considers approving the printing of money by the Bank of Ghana to settle claims of depositors who have been affected by the financial sector clean up. In his view, this should be necessary as the depositors are victims of circumstances as a result of weak supervision…
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Ghana Stock Exchange set for worst performance in three years
This year’s performance of the Ghana Stock Exchange is one investors will want to quickly put behind them. The bourse has seen a topsy-turvy performance all throughout the year and it is set to end the year with its composite index, which measures the performance of stocks of listed companies, recording a negative 12.3 percent…