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Ex-staff of some banks whose licenses were withdrawn by the Bank of Ghana will be considered for payment in place of the Central Bank “on humanitarian grounds,” the regulator has said.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 […]

ADB sources for GH¢310m to meet Minimum Capital Requirement

The Agricultural Development Bank (adb) has announced its readiness to meet the central bank’s minimum capital requirements of GH400million as the December 31 deadline fast approaches. This follows an approval by shareholders of the bank to source for additional funds of about GH¢310million to meet Bank of Ghana’s minimum capital requirement. The announcement was made […]

Bombshell: Some Banks deposited their monies with Menzgold-Majority Leader reveals

The Majority Leader and Minister for Parliamentary Affairs, Osei Kyei Mensah Bonsu has revealed that some banks in the country deposited their monies with gold trading firm, Menzgold. According to him, the Bank of Ghana should solely take culpability for the crisis that has rocked the financial sector in the country, saying ‘’the monitoring division […]

A-Plus lampoons Akufo-Addo and Gov’t for politicking with BoG Hospital while nurses and doctors idle at home

Kwame Asare Obeng, popularly known as A-Plus has lampooned and berated president Akufo-ddo and the ruling New Patriotic Party government for politicking the 60 bed capacity Bank of Ghana Hospital, christened the Bank Hospital. According to him, the indifference of the government towards opening the hospital for operations emanates from the fact that it was […]