The Securities and Exchange Commission, SEC, says it has not yet set a date to end the filing of validation for claims by customers of the defunct fund management companies since it wants to cater for as many investors as possible. The Commission says the move is necessary to assure customers and rebuild confidence in the investment market. Validation processes...
The Chartered Institute of Bankers Ghana says the financial sector clean-up carried out by the Central Bank is already yielding positive results in the industry. Although there have been several arguments for and against the manner in which the exercise was done, the Institute insists the clean-up was necessary to build a robust financial system. The shakeup in the financial sector...
The Ghanaian taxpayer will pay GHS16.4 billion for the clean-up exercise in the bank, microfinance, fund management; and savings & loan sectors, Finance Minister Ken Ofori-Atta has revealed. Explaining to Parliament the fiscal impact of the financial sector clean-up when he delivered his 2020 budget on Wednesday, 13 November 2019, Mr. Ofori said: “The total estimated cost for our...
Finance Minister Ken Ofori-Atta has disclosed that the government has approved a request by the Consolidated Bank Ghana (CBG) to be made a universal bank. The Minister told legislators on Wednesday when he presented the 2020 budget statement that the success chalked by the bridge bank following the collapse of some banks makes it viable as a universal bank. In his...
The National Investment Bank (NIB) needs about GH¢2.2billion to become liquid, clean up its books and meet the Central Bank’s stated capital requirement of GH¢400million, Ken Ofori-Atta, Minister of Finance has said. This, according to the Finance Minister in his 2020 Budget and Economic Policy presentation, is despite government entering a swap agreement with the bank that has seen the...
The government and the Bank of Ghana (BoG) have each contributed €13 million as seed money for the smooth take-off of the Ghana Deposit Protection Corporation (GDPC). This is in addition to the GH¢400,000 paid by the banks to boost the GDPC’s reserves to enable it to provide cushion for depositors in case of a bank’s failure. The Vice-President, Dr. Mahamudu...
The Bank of Ghana over the coming weeks will issue onto the forex market a total of US$ 25 million, following a successful FX forward auction held on November 12, 2019. A notice from the BoG indicates that bids amounting to US$ 71.5 million were received from businesses through their dealers and commercial banks, this being well over the sales...
Some banks have taken a bold initiative to deal with defaulting loan customers whose activities are affecting the smooth operations of the affected banks. Investigations by the Times Business revealed that some of the affected banks are collaborating with each other, the Ghana Police Service and the Controller and Accountant General’s Department to fish out the defaulters. A source close to...
The Vice President, Dr. Mahamudu Bawumia, is optimistic the setting up of the Ghana Deposit Protection Scheme will enhance confidence in the financial sector. He explained that the passage of the Deposit Protection scheme, which will be implemented by the Ghana Deposit Protection Corporation, will also reform the financial sector since there are strict guidelines that must be followed. Speaking at...
The Ministry of Finance, the Bank of Ghana (BOG) and the receiver have reached an understanding to find a way to unlock funds belonging to Rural Community Banks (RCB) deposited with Micro Financial Institutions (MFIs), the First Deputy Governor of BOG Bank, Dr. Maxwell Opoku–Afari, has assured. He added, “Discussion on modalities are ongoing and once concluded will be announced...
