Tag: Savings and Loans Companies
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Receiver auctions cars to pay off depositors of collapsed S&Ls, microfinance companies
Auction is underway for vehicles and motorbikes of collapsed microfinance and savings and loans companies. The exercise, which is being carried out at the college of physicians and surgeons, is part of measures to defray monies owed the affected customers of the collapsed financial institutions. The Bank of Ghana in May and August last year…
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Pay all customers of defunct S&L, Microfinance companies now – PEF demands
The Chief Executive Officer of the Private Enterprises Federation, PEF, Nana Osei Bonsu says businesses are still struggling to access their locked-up funds, almost a month after President Akufo-Addo directed that customers of defunct financial institutions be paid their monies. The development, the PEF CEO laments, is having a negative impact on the private sector…
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Mitigate impact of microfinance companies clean-up on informal sector — Dr. Lord Mensah
Senior lecturer of the Department of Finance at the University of Ghana Business School, Dr. Lord Mensah, has called on the Bank of Ghana to as a matter of urgency put in place measures to ensure the recent clean up of the microfinance does not put a strain on the informal sector. According to Financial…
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Gov’t looking for money to clean-up Savings and Loans sector next – Nana Otuo Acheampong
Following the recent clean-up exercise in Ghana’s microfinance sector, Citi business News is learning that government is preparing to make money available for the Bank of Ghana to start cleaning the Savings and Loans Sector. Last week the Bank of Ghana announced the revocation of the licences of 192 insolvent microfinance companies. In addition, licenses…
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‘Wholesale’ banking licenses injurious to industry – Nana Otuo
Banking Consultant, Nana Otuo Acheampong has implored Savings and Loans companies to exercise restraint in their quest to operate as banks as the implications could be dire. The Ghana Association of Savings and Loans Companies earlier warned that unfavorable conditions in the industry is compelling most of their members to pursue universal banking status. The…