CBG prepares to pay savings & Loans, micro-finance customers


Company Information of Tuesday, 25 February 2020

Source: GNA

CBG says it is ready to commence full payment of funds to depositorsCBG claims it is completely ready to start whole payment of cash to depositors

Administration of Consolidated Bank Ghana (CBG) on Monday claimed it is all set to begin full payment of cash to depositors of collapsed , microcredit, Personal and Loans as perfectly as Finance Residence organizations.

A statement copied to the Ghana Information Agency and signed by Mr Daniel Wilson Addo, the Handling Director of CBG, claimed the payment of money, which usually takes effect from Monday, February 24, was declared by the President in his 4th Condition of the Country Deal with very last Thursday.

It explained the government has produced readily available to CBG a blend of hard cash and bonds totaling about five billion Ghana Cedis (GHC5,000,000,000.00) to totally settle remarkable depositor statements of these settled establishments as perfectly as that of the 39 Credit establishments in formal liquidation.

The assertion said to assure that the impacted consumers ended up nicely served, there were being very clear modalities for them to follow and that the Financial institution would commence by initial paying depositors whose claims have now been validated.

It suggested depositors, whose promises had been but to be validated, to exercising patience.

The statement certain clients that their promises would be compensated as quickly as the validation was finished by the Receiver.

It reported a short concept service (SMS) would be despatched to depositors when their payments ended up because of by the Receiver, introducing that there was no need for them to go to the banking halls if they experienced not acquired notification by SMS, to arrive for their resources.

“The modalities for the payment of the remarkable depositor obligations, will be based mostly on info to be supplied by the Receiver on depositors and that CBG will open new accounts for all depositors whose claim(s) have been validated and agreed in the receivership of the solved firms, and the SMS messaging that will be sent, will talk the account quantity and the quantity owing each and every depositor,” the assertion mentioned.

It said that depositors could obtain their resources at any CBG department and should really go along with valid national identification files these kinds of as a Driver’s License, Voter’s ID card or Passport.

The assertion the afflicted depositors that it would continue on to get the job done with the Receiver to validate the remaining claims and would connect the status of depositor promises submitted within the declare deadline period of time.

It mentioned every effort and hard work would be manufactured to spend all depositors and urged them to cooperate with the bank for a sleek and profitable payment approach.

“We will take care of the depositors as our consumers and give them the ideal of assistance as we stand with them in the course of the complete course of action,” the statement explained.


This article initially appeared on:http://www.ghanaweb.com/GhanaHomePage/NewsArchive/CBG-prepares-to-pay out-personal savings-amp-Financial loans-micro-finance-customers-876433

Consolidated Bank Ghana prepares to pay Savings & Loans/Micro-Finance customers


, Feb. 24, GNA
– Management of Consolidated Financial institution (CBG) on Monday said it is prepared to
commence comprehensive payment of money to depositors of collapsed Microfinance,
Microcredit, Personal savings, and Financial loans as properly as Finance House businesses.

A assertion copied
to the Ghana Information Company and signed by Mr Daniel Wilson Addo, the Controlling
Director of CBG, said the payment of funds, which usually takes influence from Monday,
February 24, was declared by the President in his 4th Condition of the
Nation Tackle last Thursday. 

It claimed the govt
has manufactured readily available to CBG a blend of cash and bonds totaling about five
billion Ghana Cedis (GH¢5,000,000,000.00) to fully settle exceptional depositor
statements of these resolved institutions as well as that of the 39 Credit rating
establishments in official liquidation.

The statement reported
to ensure that the affected clients have been well served, there were apparent
modalities for them to comply with and that the Lender would start by to start with paying
depositors whose statements have now been validated.

It encouraged
depositors, whose statements were being still to be validated, to exercising tolerance. 

The statement
certain buyers that their promises would be paid as before long as the validation was
done by the

It claimed a shorter
concept support (SMS) would be sent to depositors when their payments were being owing
by the Receiver, adding that there was no require for them to go to the banking
halls if they had not acquired notification by SMS, to occur for their cash.

“The modalities for
the payment of the fantastic depositor obligations, will be centered on
information and facts to be provided by the Receiver on depositors and that CBG will open up
new accounts for all depositors whose claim(s) have been validated and agreed
in the receiverships of the fixed companies, and the SMS messaging that will
be despatched, will converse the account amount and the amount because of every
depositor,” the assertion claimed.

It said that
depositors could obtain their funds at any CBG branch and need to go along with
legitimate national identification files such as a Driver’s License, Voter’s ID
card or Passport. 

The statement
confident the influenced depositors that it would continue to do the job with the
Receiver to validate the remaining promises and would talk the status of
depositor promises submitted inside the claim deadline interval.

It reported each and every hard work
would be manufactured to pay all depositors and urged them to cooperate with the lender
for a clean and prosperous payment course of action.

“We will take care of the
depositors as our clients and give them the very best of company as we stand with
them throughout the total method,” the statement explained.

GNA


This posting at first appeared on:https://ghananewsagency.org/economics/consolidated-bank-ghana-prepares-to-pay back-savings-financial loans-micro-finance-consumers–164562

‘I put all my savings in Menzgold’ – Eddie Nartey


Eddie Nartey has confirmed he in fact he invested all his financial with the now embattled gold dealership firm Menzgold.

Eddie Nartey who was the Artiste and Repertoire for the Arts club, and Supervisor for the actors signed beneath Zylofone Media, reported, he set a great deal of revenue in the now-defunct corporation .

He claims he made use of to be quite optimistic about the firm getting back again on its ft, but now, he only feels indifferent.

Speaking to Hold off on her demonstrate, Edie claimed: “Yes, my dollars is at Menzgold, all my personal savings. But I am a soldier, I’ll …I am indifferent about irrespective of whether or not Menzgold will bounce again. If it does and I get my revenue back halleluiah, if it does not I endure.”

He went ahead to debunk rumours that the many celebrities signed by Menzgold triggered the of the firm.

According to Eddie, he for one particular was signed at Zylofon Media and not Menzgold, which are two diverse businesses. He claimed, he was a typical who labored for his wage at the conclude of every thirty day period just like the rest of the other workers, and even nevertheless he was provided a vehicle, it was the company’s vehicle.

“I went to Zylofon with a whole lot of enthusiasm and enthusiasm mainly because just as the amusement industry in Nigeria and South Africa, I thought Zylofon was going to give us the platform to achieve that regular in phrases of film creating and the entertainment we all crave for,” he mentioned.


This post at first appeared on:https://www.ghlinks.com.gh/i-set-all-my-cost savings-in-menzgold-eddie-nartey/

I invested all my savings at MenzGold but I’ll survive – Eddie Nartey


Ghanaian actor and film director Nartey has discovered that he all his cost savings with the now defunct gold dealership company Menzgold.

In an job interview with Delay on her Hold off Present, Eddie Nartey who was the Artiste and Repertoire for the Arts club, and Manager for the actors signed under Zylofone Media, mentioned he invested a large amount of income in the NAM 1 owned organization.

And more revealed that even though he applied to be optimistic about the embattled enterprise bouncing back, he now feels indifferent.

Indeed, my funds is at Menzgold, all my price savings. But I am a soldier, I’ll survive…I am indifferent about no matter if or not Menzgold will bounce back again. If it does and I get my dollars again halleluiah, if it does not I endure,”, he informed Hold off.

Eddie Nartey mentioned Zylofon’s was and is continue to a shock to him simply because he was hopeful of the upcoming of the arts by Zylofon.
“I went to Zylofon with a lot of enthusiasm and enthusiasm simply because just as the amusement marketplace in Nigeria and South Africa, I imagined Zylofon was going to give us the system to get to that standard in conditions of film producing and the enjoyment we all crave for,” he mentioned.

Watch the entire job interview below.

Shots: Nana Ama McBrown celebrates her baby’s to start with birthday


This short article initially appeared on:https://ameyawdebrah.com/i-invested-all-my-financial savings-at-menzgold-but-unwell-endure-eddie-nartey/

Sales Unit Manager, Savings


Gross sales Device Supervisor, Price savings

Careers in Ghana

Accra

Everlasting

Bayport Savings and Loans opens two new branches in Accra


A number of award-winning Cost savings and Business, Bayport Savings and Ltd, a foremost company of has opened two (2) new branches in , positioned at Madina and Adabraka.

The new branches are the most up-to-date addition to the existing branches and electronic centres across Ghana.

According to the corporation, the new branches were being released this week and are established to serve residents and encompassing companies with the finest money products and services in a at ease and pleasant atmosphere.

“We are thrilled to be extending our footprints into the vivid communities of Adabraka and Madina. Prospects must expect magical buyer encounter from our latest branches,” Nii Amankra Tetteh, CEO of Bayport Price savings and Loans reported.

The point out of the artwork Adabraka branch is positioned reverse the Rev. Lartey Adotey Memorial School Adjacent NTHC, similarly, the Madina department is located at the Madina Zongo Junction close to the footbridge.

Outlining the company’s agenda for the new calendar year, Bayport’s CEO even further mentioned that “in line with Bayport’s’ digital agenda, we are going through a digital transformation to extend our footprints across Ghana. Last 12 months, about 60 digital facilities have been set up to cater for all the financial requires of our cherished prospects.”

“These facilities assure to redefine comfort primarily for our shoppers who are increasingly starting to be tech-savvy. With the electronic facilities, customers can now accessibility our payroll bank loan goods via a digital system in the comfort of their households or workplaces. The convenience with which business enterprise is transacted makes it possible for us to supply financial loans inside of a couple hrs, which will established us apart from other institutions,” he additional.

About Bayport Discounts and Financial loans

Bayport Price savings and Financial loans is a member of a global brand name with presence throughout six other African nations around the world and two a lot more in Latin The united states. With 16 several years of committed service to consumers and communities, Bayport has a network of branches and organizations in all 16 regions of Ghana, and at the moment employs about 2000 Ghanaians. Bayport has highly developed about a billion Ghana Cedis to far more than 400,000 Ghanaian personnel and businesses aiding them meet up with their fiscal plans and lifestyle aspirations.

Bayport boasts of a administration staff from assorted backgrounds with put together encounters in retail banking, banking functions, expenditure banking, insurance policies, audit, risk, credit history and finance. Guided by a seasoned board with cross industrial activities, Bayport Financial savings and Loans PLC is poised to become Ghana’s main Retail Financial Solutions Provider in the Mass Market Place.

In 2019, Bayport was rated No. 55 by Ghana Club 100, and won many outstanding awards specifically Most Superb Client Company Shipping and delivery at the 8th Ghana Purchaser Provider Awards as properly as Exceptional Shopper Assistance awards by Ghana Accountancy & Finance Awards.

Bayport Savings and Loans appoints new Board Chairman


Bayport Price savings and Financial loans, a person of Ghana’s top payroll loan providers has appointed a new board chairman in the particular person of Francis Wood.

The organization just lately restructured its board that saw a few board customers retire and replaced with new customers to oversee the business’ transformational agenda.

Francis Wooden in accordance to the company, is an astute financial commitment banking specialist with many years of encounter in leadership and professional skills in finance and architecture.

The comapany in a presser produced available to starrfm.com.gh explained with a entire acceptance from the Lender of Ghana, Francis Wood took above as substantive chairman from Kwame Pianim in September 2019 as he kinds a component of the present 5 (5) board of administrators of Bayport Financial savings & Financial loans.

The 5 associates of the board are Francis Wood – Board Chairman (Unbiased Non-Govt Director), Sandro Rtveladze (Non-Govt Director), Nii Amankra Tetteh (Government Director-Controlling Director), David K. T. Adomakoh (Non-Executive Director) and Bryan Arlow (Non-Executive Director).

“These new but astute company leaders just cannot wait to just take the firm to the subsequent level,” the firm said.

Speaking to the push in an exclusive interview, Mr. Wood had a ton to say about rebuilding self-assurance in the banking sector that are unable to very easily be shaken.

“Every participant in the banking and finance sector ought to lead its quota, with important leadership from the Central Lender, in rebuilding and regaining the have confidence in and assurance of clients and the financial state at substantial,” he stated.

He went on “every financial state, marketplace or marketplace is unique from nation to region and it is only gamers who have been in that house who have the most skills, expertise and are marketplace savvy. To me, using all principle into , I consider these gamers ought to be coming collectively potentially far more often and exchanging concrete and distinct strategies that can be produced public and appear out in some form of paper or document that go into the banking regulation cycle.”

“That is just one way that the consumer or marketplace will start out to see that the powers, authorities and gamers are taking this situation of developing believe in and assurance incredibly seriously when it arrives to the banking and finance sector,” he reported.

Mr. Wooden believes that a more conscientious, collaborative and concerted communication strategy is significant in restoring shed self confidence in the sector and while a lot is expected of the regulator, stakeholders in the sector are not able to manage to wait around, we have to be proactive, so a additional periodic convention among the CEOs or management of these institutions needs to transpire.

Due to the fact the completion of reforms in the financial institutions and unique deposit-taking field by the Central Financial institution which saw the revocation of practically 400 licenses, and the expenditure of pretty much GH¢20billion to safeguard depositors, a lot of Ghanaians have shed self confidence in the sector and are unwilling to entry money products and solutions which is having adverse effects on the bottom-line of banks, finance houses, personal savings and financial loans and microfinance firms.

Various institutions such as the Ghana Association of Personal savings & Financial loans Corporations as nicely Association of Bankers, Chartered Institute of Bankers (CIB) Ghana, the Central Financial institution and other stakeholders in the distinctive deposit-getting sector are trying to fashion out a way ahead to regaining the have confidence in of the community but that is taking place at a instead slower than predicted rate.

How did Bayport endure the purge?
When asked how Bayport was in a position to endure the pressure in the procedure, remain afloat and endure the reforms, Mr. Wooden discussed that the organization just caught to its core competence of payroll lending, astute company governance buildings, developing knowledge overtime, utilizing engineering effectively and improving upon our engagement with prospects.
“Our top secret is that we have operate a organization overtime that has trapped to its knitting. Bayport is a company that is about 90 per cent payroll lending, we know the payroll lending organization incredibly properly and we have improved our products and services, interior constructions, the software of know-how and steadily strengthening the purchaser interface through IT.

For sixteen years Bayport has revolutionized the payroll lending area by sustaining its range 1 position, merged with its sister organization CFC Personal savings and Loans and has survived the modern monetary sector cleanup which saw 23 of its colleagues drop.

Supply: Ghana|Starrfm.com.gh|103.5FM

Team Leader, Savings


  • Expiry day for internal applications: 13th December 2019 (Close of business)
  • Doing work hours: Each day 8h00 till 17h00 or as essential to satisfy one’s responsibilities. Each and every alternate Saturday and or else

Description:

  • Dependable for guaranteeing the achievement of month-to-month revenue for Financial savings
  • Liable for main the investigation of competitor’s products, characteristics, pricing and other details presenting marketing and advertising methods and instructions for Cost savings
  • Accountable for coordinating internet marketing profits and assistance pursuits for the organization, like the design and style, supply and distribution of marketing and advertising components to Income Employees
  • Responsible for making sure the upkeep of great associations between the other organization and its prime shoppers
  • Dependable for making sure the upkeep of exceptional connection between
  • Dependable for education the Discounts Revenue in the Department
  • Accountable for handling the general performance of Profits Personnel in the Branch making certain that agreed rewards or sanctions are administered
  • Accountable for making sure adherence to agreed compliance specifications
  • Liable for sustaining and updating the structure of the needed marketing materials(s)
  • Liable for protecting and updating the style and design of the required application sorts and financial commitment certificates
  • Accountable for printing and protecting sufficient stock of the higher than
  • Responsible for Deposit Programme connected queries by clients and opportunity shoppers
  • Responsible for weekly reporting on development and effectiveness to Administration
  • Dependable for any other endeavor(s) that Management might assign.

Essential Abilities or Experience

  • A bachelor’s Degree (Finance, Economics or Business enterprise desired)
  • Fantastic knowledge of the Ghanaian smaller company local climate and tastes
  • Minimum a few (3) years’ knowledge in income administration job.

Techniques / Characteristics:

  • Difficult working and goal pushed
  • Fantastic interaction abilities
  • Exceptional sale capabilities
  • Favourable mind-set
  • Outstanding administration competencies
  • Exact and rapid employee
  • Good interpersonal expertise
  • Neat and arranged person.

How To Use

  • Only shortlisted candidates would be contacted.
  • Productive candidates will be notified by e mail.

Note Make sure you be aware, companies obtain several apps per posting and will only shortlist the most competent candidates. Also Jobsinghana.com is not included in any final decision built by an employer/recruiter and therefore does not assure that purposes sent will outcome in a applicant staying shortlisted/selected for that situation.

Job Vacancy For Village Savings and Loans Officer (VSLA) – Current Jobs in Ghana


Company DESCRIPTION

Orcas World-wide is an indigenous organization corporation established to offer ground breaking and environmentally welcoming business products and companies that address incredibly exclusive socio-economic and environmental problems in and Africa at large. We supply solutions and solutions in the agriculture, and Entrepreneurial Advancement.

Place TITLE: Village Personal savings and Financial loans (VSLA)
Stories TO: Job Coordinator
ACCOUNTABLE TO: The Chief Executive Officer

Position DESCRIPTION

The VSLA Officer will have over-all obligation in the facilitating and implementation of all VSLA and pre city associated pursuits which include SME and vocational techniques. He/she will ensurethat all proposed objectives and targets are realized about VSLA and pre urban things to do together with steerage to profitable development of VSLAs, Rapid Appraisal of Earnings Building routines(RAIGA), beneficiary education on business/entrepreneurial techniques. The officer will assure normal industry visits to keep track of pursuits and carry out timely weekly and monthly reporting.

Main Responsibilities will consist of but not constrained to the next:

1.Aid the organizing, organization, and administration of VSLA and IGA similar functions.

• Conduct awareness /sensitization on VSLA and IGA activities among the communities and community leaders.
• Facilitate community vulnerability method in concentrate on communities to evaluate community gaps and provide basis for preparing.
• Create operate designs (Weekly, Regular monthly and Quarterly) to ensure productive implementation of VSLA connected routines as outlined in the in depth implementation plan.
• Facilitate the identification and/or formation and mobilization of neighborhood structures these types of as VSLA teams, IGA teams, money institutions and advertising groups in the villages and district.
• Aid beneficiary identification in session with communities and area leaders working with established requirements.
• Facilitate the identification of village level VSLA brokers to enhance neighborhood awareness and ownership/sustainability of VSLA technique.

2.Vital technological jobs.

• Discover specialized capability and issues of beneficiaries and village agent confront and skills/information they have in VSLA, Organization enhancement, Profits making functions (IGAs), etcetera.
• Aid and make sure the institution of village discounts and financial loans affiliation teams, IGA groups, and VST amongst the goal communities.
• Oversee and often watch when the VSLA groups are conducting the share buy, social contributions, and borrowing and repayment of loans to guarantee proper documentation/recording of VSLA industry funds box.
• Prepare beneficiaries and village agents skills on VSLA methodology, BDS, RAIGA teams/cooperatives and advertising.
• Train economic advancement teams/associations/committees on governance, leadership, VSLA, BDS.
• Coach, supervise and mentor the village brokers for powerful facilitation and assist of VSLA and Revenue creating things to do.
• Reinforce the potential of associates.
• Facilitate and organize publicity or exchange visits and any other gatherings for the beneficiaries to foster studying and working experience sharing.
• Assure timely procurement of and delivery of ideal good quality and quantity of VSLA kits/tools essential by the beneficiaries and assure these are utilized appropriately.
• Make certain sorting out any misunderstanding that may occur in just VSLA team to make sure sleek jogging of the approach and stop fall out.
• Detect high ability vocational capabilities teaching heart for the youth to discover different expertise as for every current market desire/industry survey final results in buy to equip techniques for self-employment.
• Facilitate and carry out current market assessments in order to set up skills gaps, guiding the schooling of youths in VST.
• Facilitate in depth price chain assessment and conference with actors in the course of the marketplace chain to assemble critical marketplace info.
• Make certain linkage/integration financial advancement things to do with Agro pastoral and pastoral actions to foster synergies beneath the drought recovery task.
• Make certain that VSLAs social money are offered to those customers who face acute strain to provide as crisis assets and assure timely availability of venture matching money.
• Make sure greatest Vocational competent youth graduates chosen from VSLA teams are presented with total starter up kits or have obtain to grants.
• Centered on their business enterprise ideas via a competitive truthful and inclusive system(based on organization ideas)ensure that personal VSLA users are joined with microfinance institutions to borrow loans for enterprise startup/financial commitment on proposed organization strategies
• Aid instruction of VSLA associates on everyday living abilities this kind of as on standard literacy and numeracy techniques, house fiscal affairs, hazard management and planning and so on.
• Producing certain of well balanced gender (Males, Girls and Youth) in the illustration and participation of the task.
• Liaise with the Application Supervisor for all choices associated to VSLAs and pre urban livelihoods and carry out any other responsibilities as might be assigned by the Line supervisor.
• Function intently in teamwork with partners’ staff as very well as other software groups Logistics, finance and Health and fitness etcetera.

3.Checking, Analysis, Documentation and Reporting.

• Perform frequent stick to-up visits to VSLAs, IGAs teams and VST graduates to see if they are making use of the systems/methods and supply specialized aid exactly where there are gaps.
• Observe progress of the cost savings groups, VSLAs, and IGA activities to see if targets established in the once-a-year work system are attained.
• Aid data assortment from financial savings teams and deal with/supervise the MIS data flow to Plan Supervisor.
• Checking and supervision of Village Brokers general performance in the villages.
• Consolidate/compile monthly, quarterly and annual action studies on special situations demonstrating achievements, classes, constraints and recommendations which ought to be submitted to the related authority at the agreed time
• Help IGA Business owners to assess their community financial state and locate marketplaces for their solutions and solutions.
• Have out quarterly/yearly evaluate conferences to evaluate general performance of things to do in opposition to established targets at the group and application levels.
• Conduct ED assessments and document gains from these and publish results stories.
• Watch and aid the use of the Community Early Motion information (accumulate & dissemination) to strengthen beneficiary’s preparedness in direction of any probable shocks (drought, floods, conflicts etc.) at neighborhood and district concentrations.
• Take part in discipline degree assessment and or evaluation of job efficiency/things to do.

4.Coordination.

• Symbolize Orcas Global in the field meetings pertinent to VSLA and pre urban pursuits, conferences with authorities, INGOs, Nearby NGOs and other players in the district.
• Build relationship and coordinate with stakeholders (community leaders, district authorities, microfinance establishments, and so forth.), appropriate authorities Ministries/departments.
• Participate in subject amount coordination assembly with nearby federal government authorities and other businesses.

Qualification Necessary & Encounter

Requirements

• Diploma/Diploma in Small business Administration, Banking and Finance, Accounting, Neighborhood improvement, sociology, and any other applicable experience in microfinance, livelihoods, IGA and VSLA methodology
• At minimum 2 years’ encounter on group advancement/food items stability agriculture and pastoral livelihoods.
• Expert facilitator /coach
• Operating knowledge in resilience initiatives or programs is remarkably preferred.
• Familiarity with rules and exercise of savings-led microfinance and with potent awareness of troubles faced by standard methodologies. .
• Willingness to travel to all task areas on normal basis.
• Experience in functioning with Non-Governmental companies, UN agencies and local communities, nearby authorities and Regional NGOs.
• Strong laptop or computer techniques and capability to use regular computing offers such as phrase, excel, electric power stage, spreadsheets and databases computer software packages.
• Strong communication and report creating abilities.

Spot: Northern Ghana: Tamale

How To Utilize For The Occupation

Utilize by sending your CV, Cover letter, Certificates and other pertinent paperwork to:

[email protected]

Kindly indicate the place you are applying for on the Matter of the e-mail you are sending

Closing Day: 10 January, 2020

Note: Only Shortlisted Candidates will be contacted

Citizens confident in banks but trust in savings & loans, microfinance firms low – Survey


A study by Afrobarometre has revealed that Ghanaians have a good deal of self-confidence in the classic financial institutions. However, these have lower self-assurance in the cost and financial , and microfinance companies. The Financial institution of Ghana and the Securities and Trade Commission has undertaken a clean up up of the banking sector.

Operations Manager – ASA Savings and Loans


Organization: Personal and
From: 09.10.2019 05:03 · Area: GH-4000 Accra, Better Accra

Gigajob Ref.No. 1,547,810,012
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Groupe Ndoum directed to re-serve receiver of GN Savings & Loans with lawsuit


Organization Information of Thursday, 19 September 2019

Resource: citinewsroom.com

DR. PAPA KWESI NDUOM23Chairman of Group Nduom, Papa Kwesi Nduom

The High has directed lawyers of Groupe Ndoum to effectively provide the of GN Discounts and Loans.

According to the court, the method in which the match was served was wrongly accomplished for the reason that the personal who been given the writ was not rightly positioned to get it.

The Chairman of Groupe Nduom, Papa Kwesi Nduom filed an injunction suit to compel the Lender of Ghana (Bog) to restore the license of GN Savings and Financial loans though the two battle in courtroom about the license revocation.

The receiver was 1 of the four defendants in the match.

In the application, the applicants were being in search of an buy from the courtroom to retain the Reciever of GN Cost savings and Financial loans from “further interfering specifically or indirectly with the rights of [the firm’s] shareholders, administrators and management to management the company activities of GN Financial savings and financial loans pending the determination” of the scenario.

The case has been adjourned to the 24th of Oct 2019.

In his statement of declare, Dr. Nduom insisted that GN Price savings and Financial loans was in good standing in spite of getting declared insolvent by the Bog.

He mentioned federal government infrastructure task portfolio was in excess of GH¢2.2 billion, extra than its liabilities.

He added that most of the company’s funds had been in governing administration jobs as financial loans and developments to contractors who government as a result of its ministries and businesses had employed to execute many jobs.

In accordance to Dr. Nduom, the federal government and point out organizations, as of August 14, 2018, owed the corporation about GH¢600 million.

He argued that the Lavatory and other get-togethers failed to take into account the government’s indebtedness to the firm in producing a willpower on the company’s solvency and that constitutes a violation of legal rights.

He therefore desires the court docket to rule that the failure of the Lavatory to take into consideration that indebtedness of the Governing administration of Ghana and its MDAs to Group Nduom prior to declaring GN Personal savings and Loans to be bancrupt, constitutes a violation of his legal rights, that of Group Nduom and Coconut Grove Vacation resort.

Court puts on hold plans by BoG to collapse GN Savings


Governor of the Bathroom, Dr. Ernest Addison

The Financial institution of Ghana has been purchased by an Substantial Court to keep on with any ideas to hand in excess of GN Discounts and Loans Organization Restricted to a receiver.

Justice George Koomson has that until finally the end result of an application for interlocutory is founded the regulator and any other respondents need to cease processes to shut down the monetary company.

The Central Bank has 8 times to respond to the legal go well with in advance of the following listening to day of September 19, 2019.

History

In late August, the chairman of Group Nduom, Papa Kwesi Nduom sued the Bank of Ghana together with the Finance , Ken Ofori Atta Lawyer General, Gloria Akuffo above the revocation of the licenses of GN Price savings and Financial loans.

Connected to the suit is the receiver of GN Discounts and Loans Eric Nana Nipah.

Nduom, among the other items, is praying the court to quash the decision of the Central Lender to revoke the license of GN Personal savings and Financial loans.

The Bog on Friday, August 16, 2019, revoked the licences of GN Discounts and Financial loans and 22 other bancrupt price savings and loans firms and finance dwelling providers.

But Nduom maintains that his firm would have been highly liquid if the Ministry of Finance and other federal government agencies experienced paid out debts owed to it.

Source: Ghana/Starrfm.com.gh/103.5FM

Nduom seeks injunction on revocation of GN Savings and Loans’ license


The Chairman of Groupe , Papa Kwesi has asked the docket to compel the Lender of Ghana (Bog) to restore the license of GN Cost and Loans while the two fight in docket more than the license revocation.

In an software sighted by citinewsroom.com, Nduom is asking the court to restore the agency “to its specialised deposit-using license pending the resolve of the originating movement.”

In the software, Dr. Nduom is captured as the initially applicant, Coconut Grove Beach front Vacation resort and Groupe Nduom confined ended up also shown as 2nd and 3rd applicants.

Mr. Nduom also wishes an purchase from the court to maintain the Reciever of GN Savings and Loans from “further interfering instantly or indirectly with the legal rights of [the firm’s] shareholders, directors and management… to management the [firm’s] small business routines pending the determination” of the scenario.

Originating situation

In his statement of assert, Dr. Nduom insisted that GN Personal savings and Loans was in very good standing inspite of being declared insolvent by the Bog.

He claimed federal government infrastructure challenge portfolio was in surplus of GH¢2.2 billion, more than its liabilities.

He extra that most of the company’s funds experienced been invested in federal government tasks as financial loans and advances to contractors who governing administration via its ministries and agencies had hired to execute a variety of assignments.

In accordance to Dr. Nduom, the govt and condition organizations, as of August 14, 2018, owed the corporation around GH¢600 million.

He argued further more that the Bathroom and other functions failed to take into account the government’s indebtedness to the business in building a dedication on the company’s solvency and that constitutes a violation of rights.

He desires the courtroom to rule that the failure of the Lavatory to take into consideration that indebtedness of the Govt of Ghana and its MDAs to Team Nduom in advance of declaring GN Discounts and Financial loans to be insolvent, constitutes a violation of his legal rights, that of Group Nduom and Coconut Grove Vacation resort.

No forms at GN Savings for customers to retrieve locked up cash


Some aggrieved consumers of GN Price savings and Financial loans in Chereponi, in the North East Location, are complaining above the unavailability of sorts essential by prospects to retrieve their -up funds at the now-defunct fiscal institution.

The customers are for that reason asking the correct authorities to make clear why the forms are not at the branch.

One particular of the buyers who spoke to Citi News said, the growth is hampering their initiatives to get their monies.

“Ever considering that the Bathroom revoked their license, we ended up told that there will be forms available for us to fill to recover our funds. But, as we converse, we have not gained the varieties in Chereponi and the deadline is just 9 times away from currently. We contacted our colleagues in distinct branches and they have gained theirs. That is why we are listed here to categorical our considerations above our locked-up money. We need to have aid due to the fact it is as if, Chereponi is not section of the area GN Financial institution operated.”

GN Financial savings loses license

GN Personal savings and Loans enterprise confined was element of some 23 residences and price savings and financial loans providers whose licenses ended up revoked by the central financial institution.

The Bank of Ghana in asserting the revocation of GN Savings and Loans’ license reported: “GN’s shareholders have unsuccessful to restore the lender to the needed regulatory capital and liquidity amounts in spite of lengthy-standing guarantees that new funds was predicted from overseas investors.”

In response, the Chairman and Main Executive Officer of Groupe , Papa Kwesi discredited statements by the Lender of Ghana that the corporation was in serious fiscal distress and fell significantly down below its capital requirement stage, hence the revocation of its license.

GN sues Bathroom

The Chairman of Team Nduom, Papa Kwesi Nduom has sued the Financial institution of Ghana Finance Minister, Ken Ofori Atta Legal professional Common, Gloria Akuffo and Receiver for GN Discounts and Loans, Eric Nana Nipah.

He desires the courtroom to between other points to quash the choice of the Lender of Ghana to revoke the license of GN Discounts and Financial loans.

In his statement of assert, Papa Kwesi Nduom said opposite to statements by the Lender of Ghana that GN Cost savings and Loans had its license revoked for the reason that the firm was bancrupt, the company, he insisted, was in good standing and its government infrastructure job portfolio was in excess of GH¢2.2 billion, far more than its liabilities.

Nduom sues BoG, others over GN Savings and Loans collapse


Founder of Groupe Nduom Dr. Papa Kwesi Nduom

Chairman of Team Nduom, Papa Kwesi Nduom has sued the Bank of Ghana like the Finance , Ken Ofori Atta Legal professional Normal, Gloria Akuffo about the of the licenses of GN Cost and Financial loans.

Connected to the go well with is the receiver of GN Savings and Financial loans Eric Nana Nipah.

Nduom, amongst other matters, is praying the to quash the choice of the Central Bank to revoke the license of GN Personal savings and Loans.

The Bathroom on Friday, August 16, 2019, revoked the licences of GN Price savings and Financial loans and 22 other insolvent savings and financial loans companies and finance residence organizations.

But Nduom maintains that his business would have been extremely liquid if the Ministry of Finance and other govt companies had paid debts owed to it.

In accordance to the Lavatory, GN Cost savings and Financial loans, inspite of its reclassification from a common lender to a cost savings and financial loans company in January this 12 months, the organization was not able to resolve its liquidity disaster.

But in a statement, Dr Nduom said that “Given the detailed information and facts provided to the Bog almost a year back, these statements are inconsistent with our discussions with both the Bathroom and the Ministry of Finance (MoF).”

He added “Our situation is that GN Price savings is not the only solvent, but would be remarkably liquid if the MoF simply requested by itself and other authorities businesses to speedily spend quantities owed to GN Discounts and other relevant entities . We hope this issue to be fixed in owing program.”

Supply: Ghana|Starrfm.com.gh|103.5FM

GN Savings’ insolvency not govt’s fault – Dokuaa


Governing administration has refuted claims that its indebtedness to GN Discounts and Financial brought on the insolvency of the economic establishment.

The reaction comes after some inhabitants of Elmina, at a push meeting blamed the Akufo-Addo-led authorities for the shutdown of the Groupe Nduom enterprise.

But authorities in a assertion signed by Deputy Information and facts Nana Ama Dokua Asiamah Adjei said such claims, as perpetrated by the Elmina inhabitants, remain unfortunate, unwarranted and with no foundation.

“The deliberate try to draw in government and President Akufo-Addo into the insolvency complications of GN Financial savings and Financial loans is totally unwarranted, unlucky and with out any compound,” the assertion reads in portion.

In accordance to the statement the government’s whole financial debt obligation to the firm stands at GHS 30.33million of which an settlement has been achieved with Groupe Nduom for payment to begin.

The statement provides that the sum, even if paid out in comprehensive, would not fix the liquidity difficulties GN Personal savings is grappled with.

“GN’s insolvency troubles are largely attributable to overdraft and other amenities it prolonged to its connected functions who are other providers in the Groupe Nduom community of corporations, under circumstances that violated pertinent prudential norms”, including transfers of huge sums of income (US$62,255,516.93, GBP718,528.59 and EUR 4,200) from depositors’ fund to overseas accounts of companies of Groupe Nduom, in breach of area 10 of the International Exchange Act 2006, Act 723, Part IV of the Bank of Observe No. BG/GOV/SEC/2007/4.”

Source: Ghana/Starrfm.com.gh/103.5FM