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...
