Tag: Savings and Loans
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List of Savings and Loans Companies in good standing after clean-up
The Bank of Ghana last Friday decided to revoke the licenses of some 15 savings and loans companies which it said were insolvent and could no longer meet the obligations of customers. The central bank’s action left 25 savings and loans companies in good standing. Below are the Savings and Loans companies that are currently…
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Collapsed 23 specialized deposit-taking institutions lost GH¢2.3 billion
The savings and loans companies and financial institutions collapsed by the central bank had a combined negative net worth of GH¢2.3 billion, the release from the Bank of Ghana has shown. Negative net worth is a condition in which a company’s liabilities exceed its assets plus shareholders equity. According to the Bank of Ghana’s statement,…
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BoG likely to shut down 20 savings and loans companies
The Bank of Ghana’s decision to close down more than half of the 37 licensed savings and loans companies is imminent, a source close to the central bank has told Citi Business News. According to the source, who asked not to be named, about 20 struggling savings and loans companies would have their licenses revoked…
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Bond Savings and Loans seeks GHS300m from stock market
Bond Savings and Loans company has stated that it will be raising about GHS300 million capital from the Ghana Stock Exchange to inject into its operations. The company in 2017 raised GHS70 million out of GHS100 million target. According to the Chief Executive Officer, George Ofosu Hene, the firm wants to expand its operation and…
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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…