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Ghana’s growth prospects strong; revenue shortfall must be tackled- IMF

IMF Greece Financial Crisis

A team from the International Monetary Fund (IMF) which undertook the seventh review of Ghana’s performance with regards to the IMF’s extended credit facility says the country’s growth prospects remain strong, but expressed worry over revenue shortfalls. The team was in Accra from September 17-27, 2018, and held various discussions focusing on recent developments, fiscal and monetary policies, and how ...

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Spare parts dealers lament over locked up funds in S&L company[audio report]

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Spare parts dealers at Abossey-Okai have expressed fears of their businesses collapsing if government does not intervene to get their investments with First Allied Savings and Loans released. The dealers made the comments at a town hall meeting between spare parts dealers at Abossey-Okai and key government agencies. Citi Business News was at the event. Listen to the audio – ...

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Don’t panic, we are still strong – Savings & Loans Association

Savings & Loans

The Ghana Association of Savings and Loans Companies is assuring clients and the general public that the sector is still robust despite recent issues facing the financial sector. A statement from the association to Citi Business News admitted to challenges with some Savings and Loans Companies. But it is confident such issues should be resolved soon as most of the ...

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Menzgold to pay customers their monies from Friday


Management of gold dealership company Menzgold, has announced that customers can visit branches of the company to demand their matured investment from tomorrow [Friday], September 28, 2018. Addressing a press conference today, Thursday, Corporate Affairs Manager of Menzgold, Nana Yaw Ofei, explained that the company will pay all its customers that were trading with them until September 12, when a ...

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Stay off our business; Menzgold sues BoG, SEC


Embattled gold dealership company, Menzgold, has sued the Securities and Exchange Commission (SEC) and the Bank of Ghana. The company in its suit is seeking from the court an order directing the two institutions to stop interfering in its business. Menzgold also asked the court to stop the Bank of Ghana and the SEC from publishing what it described as “derogatory notices” ...

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BoG challenges jurisdiction of court hearing Duffuor’s case

Dr. Kwabena Duffuor

The Bank of Ghana has challenged the capacity of the General Jurisdiction Court hearing the lawsuit brought against it by a shareholder of Unibank, Dr. Kwabena Duffuor. The Central Bank on August 1, 2018, collapsed uniBank along with four other local banks on grounds of insolvency among other irregularities, to create a new bank known as the Consolidated Bank Ghana,  ...

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Savings and Loans Industry still strong—Advans Savings and Loans CEO


A Deputy Chief Executive Officer of Advans Savings and Loans, Francis Owiredu has stated that the issue of panic withdrawals is being blown out of proportion. Although he admits that some financial institutions have been affected by it, he argues that it is not something the financial industry should be alarmed at. Various financial institutions have complained about the effect ...

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Groupe Nduom seeks investors’ support into business

Dr. Paa Kwesi Nduom

The Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom is assuring customers of Gold Coast Holdings and GN Bank of addressing their cash withdrawal needs to a large extent, from Monday [October 1, 2018]. The two institutions within the group, have been hit by panic withdrawals by customers over the past few weeks. This has been triggered by the recent ...

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Zenith Bank gets global data security certification

WhatsApp Image 2018-09-26 at 21.12.52

Zenith Bank has been awarded Payment Card Industry Data Security Standard and ISO 27001 certificates confirming the bank’s strong systems to guard against cyber attacks. The certification follows months of building systems to protect Zenith bank’s data and customers’ deposits. The move also comes at a time where the cyber fraud cases in the financial system are rising. According to ...

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We’ve not blocked Menzgold’s dividend payments – SEC


The Securities and Exchange Commission (SEC) has denied reports by gold dealership Company, Menzgold, that it has stopped it from paying dividend on its gold vault business to customers. SEC says its decision was rather to stop Menzgold from taking deposits on that particular service. But Menzgold insists it is unable to pay their customers their dividends due to the ban ...

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