MOMO loan not free money — BoG

Since the introduction of mobile money (MOMO) loans by the telecommunication companies (telecos), some of their customers have taken undue advantage of the opportunity. While some have taken the loans to either start or recapitalise their businesses, others have accessed the funds and misused it, hence their inability to pay. To prevent the telcos from […]

Public debt sustainable -but large external debt makes economy vulnerable – BoG Governor

Governor of the Bank of Ghana (BoG), Dr Ernest Addison maintains that Ghana’s public debt stock, which has risen to GH¢200 billion by May 2019, representing 58.1% of GDP, is sustainable. However, he fears the large foreign investor component makes the economy vulnerable. Consequently, he called for a shift in the conversation around the country’s […]

Closure of 386 microfinance and microcredit companies-nearly 1.2m depositors, gh₵1bn rescued

Provisional data being scrutinised by the Bank of Ghana (BoG) indicates that the revocation of licences of 386 microfinance and microcredit companies will save nearly 1.2 million depositors. The BoG revoked the licences of 347 insolvent microfinance and 39 insolvent microcredit companies, saying the institutions continue to pose risk to the entire financial system. According […]

You don’t deserve any pay, we’re only paying you on humanitarian grounds-BoG to ex-Capital and UT Banks staff

Ex-staff of some banks whose licenses were withdrawn by the Bank of Ghana will be considered for payment in place of the Central Bank “on humanitarian grounds,” the regulator has said. Elsie Addo Awadzi, Deputy BoG Governor said the Central Bank is prepared to waive its second position for the sake of the workers of defunct UT and Capital Banks so that they get some benefits […]

Menzgold crisis: Ineffective warning notices and weak financial literacy turns innocent investors into victims- Prof John Gatsi

Economist Professor John Gatsi has attributed the recent upsurge in the number of victims of failed investment and financial institutions to ineffective investment warning notices and weak financial literacy. He has also admonished the public to refrain from labeling victims of ponzy schemes such as DKM and Menzgold as criminals and greedy people. According to […]

NDC gave Ghana’s sovereign bond proceeds to a private bank-Majority Leader

The Majority Leader and Minister for Parliamentary Affairs, Osei Kyei Mensah Bonsu has disclosed that the erstwhile National Democratic Congress (NDC) administration gave Ghana’s sovereign bond proceeds to a private Bank to manage. Falling short of mentioning the name of the bank, the ruling New Patriotic Party Member of Parliament for Suame Constituency in the […]