Bank of Ghana, the home of all monies in Ghana has introduced a GHC100 and GHC200 notes into the Ghanaian economy.

READ ALSO: Efia Odo In New Exciting Pose With Ghanaian Musician JoeyB-PHOTO

The news of the new currencies was received with mixed feelings by Ghanaians as the majority of them kicked against the move. Some also feel its the current government’s new ways of creating, loot, and share as the election year is approaching.

READ ALSO: Disqualified Bbnaija Star, Tacha Shares Her First Adorable Photo Taken In Ghana

What do you think?

Source: africacelebrities.com

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A Bank of Ghana (BoG) report on banking fraud in the country has revealed that there is a growing number of employees of banks either stealing from customers or from their employers.

The report prepared by the Financial Stability Department of the Bank of Ghana stated that in 2018, more than 2,170 cases of fraud were reported out of which 1,239 cases were committed by banks’ staff in the form of suppressing cash or deposits from customers.

The 2018 figure of employees’ fraud reported by the central bank shows a 78 percent increase in the 697 cases reported a year earlier.

Commenting on the rising incident of fraud committed by banks’ employees, the central bank noted that: “It is important to stress that about 99 percent of the fraud cases reported as suppression of cash and deposits were perpetrated by staff (either contract or permanent) of the financial institutions.”

“The alarming involvement of staff in the perpetration of fraud in the banking sector calls for significant reforms in the recruitment, remuneration, and disengagement of persons that are engaged by financial institutions.”

According to the Financial Stability Report, the involvement of the employees of these financial institutions led to the loss of about GH¢19.1 million in the year under review.

In all the Financial institutions lost GH¢44.4 million to all forms of fraud in 2018 while employees related fraud accounted for 42 percent of the total losses.

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The Bank of Ghana (BoG) says about 25 Savings and Loans companies and 11 finance houses are currently in good standing and would, therefore, remain operational in the country.

READ ALSO: Here’s The Real Reason Why BOG Revoked Nduom’s GN Savings and Loan License

The BoG on Friday revoked the licences of 23 insolvent savings and loans companies and finance house companies in the country.

According to a statement from BoG, “The revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.”

READ ALSO: From Grace to Grass: Dr Ndoum Kicked Out Of BOG’s Backyard, SEC To Takeover

Check the full list of the Savings and Loans companies in good standing below:

1. ABii National Savings and Loans Ltd
2. Adehyeman Savings and Loans Company Ltd.
3. Advans Ghana Savings and Loans Ltd.
4. Asa Savings and Loans Company Ltd.
5. Assurance Savings and Loans Ltd.
6. Bond Savings and Loans Ltd.
7. Best Point Savings and Loans Ltd.
8. Bayport Savings and Loans Plc.
9. Direct Savings and Loans Ltd.
10. Equity Savings and Loans Ltd.
11. Golden Link Savings & Loans Ltd.
12. Golden Pride Savings and Loans Ltd.
13. Izwe Savings and Loans Ltd.
14. Jins Savings and Loans Ltd.
15. Letshego Ghana Savings and Loans Plc
16. Multi Credit Savings & Loans Co. Ltd.
17. Opportunity International Savings and Loans Co. Ltd.
18. Pacific Savings & Loans Co. Ltd.
19. Pan-African Savings and Loans Company Ltd.
20. Progress Savings and Loans Ltd.
21. Services Integrity Savings and Loans Ltd.
22. SIC Life Savings and Loans Ltd.
23. Sinapi Aba Savings and Loans Company Ltd.
24. The Seed Funds Savings and Loans Ltd.
25. Utrak Savings and Loans Ltd.

READ ALSO: We Have Not Received Any Official Communication From the BoG- Dr. Nduom Responds

Credit: Joy Business

Source: AfricaCelebrities.com

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Reports indicate that the Bank of Ghana has revoked the license of Dr. Papa Kwesi Nduom’s GN Savings and Loans company.

But in a quick response to the news going round, Dr. Nduom has issued a press release.

READ ALSO: Here’s The Real Reason Why BOG Revoked Nduom’s GN Savings and Loan License

The statement reads as follows:

It has come to the attention of Groupe Nduom Limited, the entity representing the interests of the majority shareholders and founders of GN Savings Limited, that documents are circulating that purport to be from the Bank of Ghana (BoG) regarding the receivership of GN Savings Limited.

READ ALSO: From Grace to Grass: Dr Ndoum Kicked Out Of BOG’s Backyard, SEC To Takeover

Please note the following:

1.1. Neither shareholders nor management of GN Savings have received any official communication from the BoG regarding receivership.

1.2. If these documents are indeed genuine, the statements within regarding GN Savings are wildly inaccurate. Given the detailed information provided to the BoG nearly a year ago, these statements are inconsistent with our discussions with both the BoG and the Ministry of Finance (MoF). We are aware that the MoF has previously confirmed that balances due to GN Savings and other related parties are far in excess of the amounts quoted in the communication from the BoG.

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1.3. Our position is that GN Savings is not only solvent, ​but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities​. We expect this matter to be resolved in due course.

1.4. GN Savings and all other concerned stakeholders will respond with more detail shortly, but in the meantime, we pray that all customers and stakeholders remain calm while we work through this matter with the relevant parties.

Source: AfricaCelebrities.com

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Shocking as it may seem, the Bank of Ghana has revoked the licenses of some 23 financial institutions in the country.

Among the affected institutions is Dr. Papa Kwesi Nduom’s GN Savings and Loan company. This development could cause a big blow to the politician and business mogul.

READ ALSO: From Grace to Grass: Dr Ndoum Kicked Out Of BOG’s Backyard, SEC To Takeover

We now know the real reason why the bank of Ghana decided to revoke the license of GN Savings and Loans.

According to an official statement by the Bank of Ghana, GN Savings and Loans Company Limited was originally incorporated as First National Savings and Loans (FNSL) Company Limited and licensed as a Savings and Loans Company on 8th May 2006.

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It was subsequently issued with a universal banking license by the Bank of Ghana on 4th September 2014 and was renamed GN Bank Limited.

However, On 4th January 2019, the Bank of Ghana approved a request to reclassify GN Bank from a universal bank to a Savings and Loans company following its inability to meet new required minimum paid-up capital of GH¢ 400 million by 31st December 2018

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In spite of the above, the institution has been unable to resolve its liquidity crisis and has also not been able to meet the majority of the conditions the Bank of Ghana imposed on the institution following its reclassification as a savings and loans company. The financial condition of the institution has also deteriorated since the reclassification with both negative capital adequacy ratio and negative net worth.

The Bank of Ghana reached the conclusion that GN is currently insolvent under section 123 (4) of the Banks and SDIs Act, 2016 (Act 930), being in breach of its key prudential regulatory requirements. Its Capital Adequacy Ratio (CAR) is currently -61%, in breach of the minimum required of 13%.

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It is also facing a severe liquidity crisis with numerous complaints received by the Financial Stability Department of the Bank of Ghana from aggrieved customers who have been unable to access their deposits with the institution for the last several months. What is more, it has consistently failed to meet the minimum cash reserve requirement of 10% of its total deposits, since the end of the first quarter of 2019.

In addition to GN’s insolvency and liquidity challenges, the Bank of Ghana found other key regulatory violations among other things.

Source: AfricaCelebrities.com

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