About a month ago, AfricaCelebrities.com reported that for the first time, a Head of State from Africa’s CFA currency region has openly spoken about the politically and economically sensitive subject related to the CFA franc that could ruin relationship with colonial master France.

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This was in the person of Benin’s President, Patrice Talon who ordered that his country’s foreign currency reserves colonially deposited in French Central Bank be immediately withdrawn.

And as the saying goes, coming events cast their shadows. Today, the CFA franc will now be renamed the Eco, which is the new currency to be used by member states of ECOWAS.

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Under the new deal struck between ECOWAS and France, this will also involve cutting off some of the financial links between Francophone West African countries and France.

The Economic Community of West African States (ECOWAS) has a combined population of 385 million and was set up in 1975.

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It comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

Eight of these countries use one currency, the CFA franc. Those are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

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As a result of the policy to adopt the Eco, West Africa’s monetary union agreed with France under a deal to ensure that the Eco will remain pegged to the Euro.

The eight African countries for years have had their reserves kept in the French Treasury but they will no longer have to keep 50% of their reserves in the French Treasury.

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There will no longer also be a French representative on the currency union’s board.

For decades Francophone nations in West Africa have had the management of their currency done in France.

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Their financial reserves have always been planned and controlled from France despite gaining independence many years ago.

Source: AfricaCelebrities.com

The post Ecowas Replace CFA Franc With ECO, Cuts Financial Ties With France appeared first on AfricaCelebrities.Com.

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.

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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.”

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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.

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Credit: Joy Business

Source: AfricaCelebrities.com

The post Full List Of Licensed Savings And Loans Companies appeared first on AfricaCelebrities.Com.

The Bank of Ghana (BOG) has yet again gone on its usual clean up exercise in the financial sector as part of its efforts to restore confidence in the banking and specialized deposit-taking sectors, this time targeting savings and loans companies.

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This latest clean up has led to the revocation of licenses of some 23 institutions which includes Dr Papa Kwesi Nduom’s GN Savings and Loans company.

According to a statement issued by the BOG, these actions were taken pursuant to Section 123 (1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialized Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent. The Bank of Ghana has also appointed Mr. Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.

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Not long ago, GN Bank was demoted to savings and loans from a universal banking status as result of failure to meet the GHC 400 million minimum capitalization requirement.

Prior to losing that status, Dr Nduom refused to merge with other under capitalized foreign banks, citing the need to support and strengthen indigenous banks hence electing to be savings and loans instead.

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It appears Groupe Nduom’s empire in the financial sector may be coming to an end soon as Gold Coast Securities faces issues of insolvency. Should this happen, it will be one of the greatest fall ever in the financial sector in the country.

Below is the list of the 23 affected institutions.

Source: AfricaCelebrities.com

The post From Grace to Grass: Dr Ndoum Kicked Out Of BOG’s Backyard, SEC To Takeover appeared first on AfricaCelebrities.Com.