The Securities and Exchange Commission (SEC) has assured the investing public that there is no need for “panic withdrawals” as it is committed to ensuring a sound, efficient and robust market where investors’ funds are protected. The SEC’s assurance follows the revocation of licences of 23 insolvent savings and loans companies and finance houses by the Bank of Ghana (BoG)...
Groupe Nduom, the parent company of GN Savings and Loans, whose licence was revoked recently by the Bank of Ghana, has refuted allegations by the central bank that it transferred some US$62.3 million of depositors’ funds to its subsidiaries abroad. In its explanation for the revocation of the licence, the regulator stated that: “A recent Bank of Ghana investigation conducted...
Ghana’s banking industry is a fiercely competitive one. Banks continuously try to out-do one another in the delivery of bespoke services built on technology. Zenith Bank, despite being an integral member of the industry, appears to lead the pack by a mile and there are reasons to prove this. The award-winning Bank continues to blaze the trail; receiving more recognitions...
The Bank of Ghana (BoG) is taking steps to stem the dollarisation of the Ghanaian economy by enforcing laws that bar the pricing of goods and services in American dollars and other foreign currencies. The dollarisation of the economy has contributed to the perrenial unfavourable fluctuation of the cedi and its attendant effect on inflation and cost of living. But a...
