Tag: Ghana Association of Savings and Loans Companies
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Do not take advantage of economic crisis to impose high interest rates – GHASALC cautions members
The Ghana Association of Savings and Loans Companies (GHASALC) has cautioned its members against taking advantage of the current economic crisis to impose high interest rates on loans acquired by clients. The Executive Secretary of the Association, Tweneboah Kodua Boakye, lamenting the impact of the cedi depreciation and high inflationary rates on their businesses, also…
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We can help Gov’t disburse GHS600m SMEs loan – Savings & Loans Assoc.
Leadership of the Ghana Association of Savings and Loans Companies, says it is ready to support government in the disbursement of its GHS600 million stimulus package set aside to assist small and medium scale enterprises affected by the COVID-19 pandemic. The disbursement of the amount, which will have a one-year moratorium and two-year repayment period,…
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Association of Savings & Loans firms satisfied with payment of locked up funds so far
The Ghana Association of Savings and Loans Companies has expressed satisfaction with the process to ensure that all customers of defunct savings and loans companies are paid their locked-up deposits in full. The Receiver last week Monday started paying out customers their locked-up funds from a GHS5 billion made available by the government as part…
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Defunct S&L-Microfinance firms: Receiver to disburse GH¢5 bn from Feb. 24 – Nana Addo
President Akufo-Addo has announced that the Receiver of the defunct Savings and Loans and Microfinance Companies will start paying locked up funds of customers from Monday, 24th February 2020. The President disclosed that the Receiver is ready to disburse 5 billion cedis in addition to the 13 billion cedis that has already been spent on…
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Lawsuits delayed payments to majority of customers of collapsed S&Ls – Association
The Executive Secretary of the Ghana Association of Savings and Loans Companies (GHASALC), Tweneboa Kodua Boakye, says about 70 percent of customers of their members whose licenses were revoked have not received their locked-up funds. He attributed the delay to the legal and other challenges faced by the receiver in the process of validating about…
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Savings and Loans companies told to stop investing depositors’ funds in real estate
The Executive Secretary of the Ghana Association of Savings and Loans Companies, Tweneboah Kodua Boakye, has cautioned its members to stop investing short-term depositors’ funds into long-term portfolio such as real estate. Commenting on the challenges facing the savings and loans sector, Mr. Boakye explained that the association’s members would have to support each other…
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BoG has no plans of increasing savings & loans minimum capital requirements — Second Deputy Governor
The Bank of Ghana has said it has no immediate plans of increasing the minimum capital requirements for savings and loans companies despite a number of them facing distress times and difficulties in meeting customers’ obligations. The Second Deputy Governor of the central bank, Mrs. Elsie Awadzie, speaking at the 9th Annual General Meeting (AGM)…