Banks’ Average Base Rate Increases To 27.8%

The latest Annual Percentage Rates (APR) and Average Interests (AI) on deposits report released by the Bank of Ghana shows that the average minimum interest rates that can be charged on loans and advances by commercial banks in the country has increased marginally between May and September this year. The figure increased from 27.5 percent … Read more

Official Liquidator For DKM Begins ‘extra’ Payments Today

Creditors of DKM Microfinance Limited who were not paid in the first week of payments, are expected to receive their investments from today. This is according to the Principal Company Inspector for the official liquidator, Jones Nathaniel Ansah According to him “some of those who have so far not received any payment are getting their … Read more

DKM Liquidator Denies 6-Year-Old Girl GHC42,000

A six-year-old, Anna-Lisa Afia Yeboah, whose father was said to have used her name to invest for her at embattled DKM Microfinance Company at Nkoranza in the Brong-Ahafo Region, has been refused payment by the liquidator. This is because according to representatives of the liquidator, she is a minor and could not append her signature … Read more

DKM Customers Angered By GH¢10 & GH¢20 Payments; Stop Exercise In Bolga

Customers of the defunct DKM Diamond Microfinance Company in Bolgantanga, Upper East Region were forced to stop the liquidation exercise at the Ghana Commercial Bank on Wednesday, October 19 after receiving payments of GH¢10 and GH¢20 as compensation. The customers claim the payments are a slight to them, having invested between GH¢2,000 and GH¢200,000. According … Read more

DKM Client Dies After Learning His GHC600,000 Will Not Be Refunded

A customer of the defunct DKM Microfinance Company, identified as Kwasi Addae, owner of Micky Enterprise at Berekum in the Brong Ahafo Region reportedly died on Sunday night as a result of the shock of losing his GHC600, 000 investments in the company. He was said to have died moments after learning that his name … Read more

Customers Threaten To Distract DKM Payments In Bolgantanga

Over 300 validated creditors of DKM Diamond Microfinance in the Upper East Region, have threatened to disrupt the payment process at the Bolgantanga branch of the GCB Bank on Tuesday, if they are not paid their investments today. The agitations follow the inability of the representative of the Official Liquidator at the bank, to complete … Read more

We Will Go Back To Court; Outraged DKM Customers Vow

Some outraged customers of DKM Microfinance Limited have threatened to go to court over the amounts of money given them. Some of the customers said they have been given paltry sums not close to what they invested in the company. “We are going back to the court to fight this matter, take DKM assets, confiscate … Read more

DKM Creditors Receive Locked Up Cash From Today

At least 4000 creditors of DKM Microfinance are expected to be paid their locked up deposits today, as the Official Liquidator commences payments. According to the Official Liquidator, each of the eight designated branches of GCB Bank is expected to attend up to 500 customers every day till all the payments are concluded. “The eight … Read more

DKM Customers Abandon Court Injunction Plan

The aggrieved customers of DKM Microfinance in Tamale, seeking an injunction over payments scheduled for next week Monday [October 17, 2016], have abandoned the move to hit the courts. The customers, on Monday [October 10, 2016], initiated processes for an injunction to halt the payments of monies to validated creditors. They argue that there is … Read more

Official Liquidator Releases List of Validated DKM Creditors

The Official Liquidator has disclosed that payments to creditors of DKM Microfinance are set to commence on Monday, October 17, 2016. A statement released by the Registrar General’s Department and copied to Citi Business News said, “There will be payment of dividends to unsecured creditors of DKM Diamond Microfinance Limited (hereinafter called ‘DKM’) whose claims … Read more

RGD To Publish Validated Creditors of DKM Today

The Official Liquidator of DKM Diamond Microfinance, the Registrar – General’s Department has told Citi Business News that it will publish the list of validated creditors of the microfinance company today. Initially, names of all the validated creditors of DKM Diamond Microfinance were scheduled for publication last Friday but was cancelled. The department later explained … Read more

Certified DKM List Out Monday

The Registrar General’s Department (RGD) will on Monday October 3 commence the publication of the list of validated customers of the defunct microfinance institution, DKM. Acting Registrar-General Jemima Oware said the planned publication was initially stalled due to logistical challenges. However, all such issues had been resolved, paving the way for the publication. The list … Read more

BoG Exonerates Board Chair of GCB of Wrongdoing

Preliminary investigations carried out by the Bank of Ghana (BoG) has exonerated the Board Chairman of GCB Bank of any wrongdoing in the current impasse at the bank. There have been recent reports in the media suggesting that Daniel Owiredu has been pushing the Bank to approve loans without a collateral. A recent statement issued … Read more

Aveyime Rice Project Collapses; Over 500 Workers Sent Home Without Pay

No one needs to be told on entering the yard of Volta Prairie Limited (VPL), formerly known as the Aveyime Rice Project at Aveyime, Battor, in the North Tongu District in the Volta Region, that the project is dead. Apart from the lifelessness that meets the visitor, the sight of rusty broken-down tractors and other … Read more

Only 3 Out of 36 Firms On Stock Exchange Post Growth

Only three out of 36 listed firms on Ghana’s Stock Exchange have since January 2016 registered growth in their share prices, The Business Finder reports. The market capitalisation of the 36 listed firms on the main market has also shrunk from GH¢57.1 million as at January 1, 2016, to GH¢53.1 million as at Friday Septem­ber … Read more

Angry Workers of Aveyime Rice Project Demand Salaries

Retrenched workers of Prairie Volta Limited (PVL), formerly known as the Aveyime Rice and the Quality Grain Project, have made a passionate appeal to the government to pay them their salary arrears and entitlements totalling about GHC600,000. The last salary received by the workers was their November 2014 salary, which was paid a year later … Read more

GCB Board Chair Clears Air On Loans

The Board Chairman of the Ghana Commercial Bank (GCB), Daniel Owiredu, has dismissed allegations making the rounds that he has been granting huge loans to companies and individuals without adequate collateral. According to him, the allegations are false and designed to discredit the board. Media reports suggest that the board, led by Daniel Owiredu together … Read more

Docket On Bullion van ‘police Robbers’ To Be Ready In Two Weeks

Investigations into the case of two policemen and a driver who allegedly attempted to rob a bullion van and ended up killing the driver near Maame Krobo in the Kwahu Afram Plains South District in the Eastern Region is almost over. The docket of the case is therefore expected to be submitted to the Attorney-General’s … Read more

Producer Price Inflation Inches Up To 10.3%

The Producer Price Inflation (PPI) rose to 10.3 per cent year-on-year in July 2016 from the 7.6 per cent recorded in the previous month. According to the Ghana Statistical service, the 2.7 per cent increase in the month’s producer inflation was fueled by activities in the mining and quarrying sub-sector as a result of hikes … Read more