The Receiver of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses, Eric Nana Nipah, says he is unable to undertake a detailed asset tracing of 35 resolved companies to enable him validate and settle claims of depositors under the Depositor Payment Scheme. According to him, he is still working with the Economic and Organised Crime Office...
AVERAGE lending rates have eased downward by 1.16 percent, from 23.11 percent in June 2019 to 21.95 percent in June 2020. According to the Bank of Ghana’s Monetary Developments report, the average rate on 3-month term deposits however remained unchanged at 11.50 percent.It said the general decline in nominal interest rates and the recent jump in inflation pushed real interest...
Governor of the Bank of Ghana, Dr. Ernest Addison has rejected claims that depositors who had their monies locked up with the collapsed banks have not been paid. Dr. Addison said all customers of the nine collapsed banks have been paid their locked-up funds. He was speaking at a meeting with President Nana Akufo-Addo after the latter’s working visit to the...
The cleanup exercise undertaken by the Bank of Ghana in the banking sector save the deposits of 4.6 million people, which would have been lost had the central bank not intervened, Vice President Dr Mahamudu Bawumia has said. “You had 4.6 million depositors whose monies were at stake. Can you imagine that these 4.6 million depositors will lose their monies...
Data from the Bank of Ghana made available to Citi Business News shows that the flow of remittances into the country went up marginally within the first half of the year, compared to the same period in 2019 despite the impact of COVID-19 on jobs both home and abroad. The remittances for the first half of the year stands at...
Banks wrote-off ¢1.01 billion for the first half of this year, about 25% more than the same period last year. According to the Domestic Money Banks Income Statement Highlights, the bad debt was classified as loan losses, depreciation, amongst others. However, the general size of loans and advances went up. The industry’s stock of gross loans and advances (excluding the loans under...
A corporate governance and banking consultant, Dr. Richmond Atuahene says employees in the banking sector who are found culpable of fraudulent activities should be banned from practising in the sector This comes days after reports emerged that the Bank of Ghana is currently in consultation with stakeholders to fine-tune a new code of conduct to guide the conduct of bankers and other employees...
Following the successful implementation of Mobile Money Payment Interoperability by the Akufo-Addo government, about 15 million Ghanaians essentially have bank accounts, Vice President Dr. Mahamudu Bawumia has said Addressing youth wing of the governing New Patriotic Party in Accra on Wednesday, August 12, 2020, Vice President Bawumia explained that with the triangular feature which mobile money...
To reduce the alarming cases of staff-orchestrated fraud in banks, the regulator – Bank of Ghana – has ordered banks to take a raft of measures, which include taking staff through police vetting to determine whether they have any criminal history, before employing them. This comes after the Banking Industry Fraud Report published by the Bank of Ghana revealed that the industry’s reported fraud...
The Ghana Association of Bankers has estimated that about GH¢102 million has been forfeited by commercial banks in the country through various measures they have introduced to give relief to customers due to the impact of Coronavirus pandemic on the country. According to the association, all 23 universal banks in the country in one way or another have restructured, re-profiled...
