The Bank of Ghana last year spent more than GH¢153 million to print the country’s legal tender, the cedi. The amount spent includes the actual cost of printing the legal tender, fees paid to the agency that supervised the printing process as well as what the central bank describes as other currency expenses. According to […]
The Bank of Ghana (BoG), has served notice that it will soon scrutinize the salaries of Chief Executive Officers and compensations for boards of all banks in the country. The move according to the central bank is aimed at cutting down on the huge salaries of Managing Directors who are not performing to satisfaction. Reacting […]
The Securities and Exchange Commission (SEC) will begin accepting relevant documents for the validation of investment claims on November 18, 2019, following the revocation of the licenses of 53 Fund Management Companies. In a statement, the SEC said designated branches of Consolidated Bank of Ghana Limited (CBG) will open to receive the claims from clients who have their […]
The 53 fund management companies that had their licenses revoked by the Securities and Exchange Commission (SEC) were managing customers’ funds which run in excess of GH¢8 billion, Citi Business News’ sources say. The source close to the regulator said the affected companies were managing funds belonging to some 56,000 customers who had invested in […]
Confidential information gleaned from Bank of Ghana (BoG) correspondence of 12th May, 2016 reveal how the former deputy governor of the Bank approved needless liquidity supports to UT bank to cover up for huge indebtedness of MBG limited and Holman Brothers Ghana Ltd, all being companies owned by Ibrahim Mahama. In the letter herewith attached, […]
The Bank of Ghana (BoG) has utterly responded to the lies of the former Deputy Governor, Dr.Johnson Asiama regarding the banking sector cleanup. Dr. Asiama who is lobbying to be selected as running mate to John Mahama under whose era the banking crises reached its apex has been moving from one media house to the […]
Public servants who have been affected by the closure of three banks recently, have been advised by the Controller and Accountant General’s Department (CAGD) to open fresh accounts with banks of their choice so they can receive their salaries. It is estimated that 1,975 public servants on the government payroll accessed their salaries through the […]
By Elvis DARKO, Accra Twenty out of the 23 savings and loans companies and finance houses shut down by the Bank of Ghana (BoG) recorded a combined negative capital of GH₵2.3 billion (GH₵2,301,948,311). They are made up of 16 savings and loans companies and seven finance houses. Only Sterling Financial Services Limited did not record […]
The receiver of the 347 insolvent microfinance companies whose licences were revoked on Friday, May 31, 2019, Mr Eric Nana Nipah of Pricewaterhouse Coopers (PwC), plans to institute civil action against owners of the collapsed companies to recover lost funds. This comes as the receiver begins processes to take control of the affected companies. A […]
The Bank of Ghana has answered most of the Frequently Asked Questions (FAQs) on why it revokes the licenses of insolvent micro-finance institutions. Just today, Friday, May 31, 2019, the BoG announced the revocation of the licenses of as many as 347 micro-finance companies. Read the 14 answered questions below: FAQs-Revocation of Licences of Insolvent […]
The Bank of Ghana has revoked the licenses of some 347 microfinance companies which are deemed insolvent, across the country. These actions according to a press release issued by the BoG a while ago were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the […]
Governor of the Bank of Ghana (BoG), Dr Ernest Addison says the Ghanaian economy has strong growth prospects, with major indicators pointing in the right direction. With a flourishing private sector, inflation well anchored, and foreign reserves reliable, the Bank of Ghana remains confident the economy is in good health, he added. The governor, who […]
