Santander will pay about $26 million to settle charges it engaged in predatory subprime auto lending and loan securitization in the US states of Massachusetts and Delaware. Santander Consumer USA, a unit of the large Spanish bank, worked through a series “fraud dealers” who targeted default-prone consumers for car loans at high interest rates, said … Read more
About 160 million cedis is expected to hit the accounts of banks that are owed the energy sector debts, by the end of March 2017. This is according to the President of the Ghana Association of Bankers, Alhassan Andani. The payment will be the first to be made this year since the erstwhile NDC government … Read more
The Bank of Ghana (BoG) says it’s working closely with the International Finance Corporation (IFC) to ensure the enactment of a new Borrowers and Lenders Act. The new law is to address all bottlenecks that impede the advancement of credit to borrowers, especially Small and Medium-sized Enterprises (SMEs). Dr. Johnson Asiama, Second Deputy Governor of … Read more
The US housing market, a key economic driver, is exceedingly tight, with supply struggling to meet demand as the sector recovers a decade after the housing crisis, analysts say. But persistent and pent-up demand among would-be homeowners could spur builders to boost construction, helping to ease pressure on the market for new homes. Inventory of … Read more
Banks, offering mortgage loans, have blamed the general slowdown in economic activities and a weak purchasing power among Ghanaians, as reasons accounting for the decline in the demand for mortgage loans. They argue, the development has also increased the cost of mortgages making it unattractive to prospective home buyers. The assertions come on the back … Read more
The Ghana Cocoa Board (Cocobod) will pay more for it’s annual cocoa loan this year than it did for the US$1.8 billion it took from the international finance market last year. Although the board is borrowing the same US$1.8 billion, the rate on the loan has risen from last year’s rate of 1.19 per cent … Read more
Abuja (AFP) – Nigeria’s economy has slid into recession after negative growth in the first two quarters of the year, the National Bureau of Statistics (NBS) said Wednesday. Nigeria, Africa’s top economy, has been battered by low oil prices hammering government revenues, weakening the national currency and driving up inflation to an 11-year high. “In … Read more