The Securities and Exchange Commission (SEC) has revoked the licenses of five investment companies. Customers transact business with Georgetown Capital Partners Ltd, Equity Capital Ltd, Index Analytics Ltd, DM Capital Ltd and Oxygen Advisory Ltd at their own risk, according to the regulator.SEC revoked their licenses pursuant to Section 122 of the Securities Industry Act, 2016 (Act 929). The …
Virtual Currency: An unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible Virtual Currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not …
The Managing Director of Fidelity Bank, Mr. Julian Opuni, has suggested the need for Africa to develop and implement a strategy on technology, which will positively impact development of the continent. “Africa must implement a continental strategy with regards to technology which will help drive collaboration, transfer of technology and ideas to impact on the …
Part 1 of this article drew attention to the Section of the 2019 Budget that provided a non-comprehensive yet high bailout or public debt of the financial sector restructuring. It noted that the continuing incidence of this debt and associated spending, loss of incomes, and levies such as ESLA falls on taxpayers, investors, depositors as …
SECURITIES AND EXCHANGE COMMISSION PUBLIC NOTICE BY THE SECURITIES AND EXCHANGE COMMISSION IN RESPECT OF COMPANIES GOING ON VOLUNTARY CESSATION OF BUSINESS (NOTICE NO. SEC/PN/001/01/2019) This Notice is issued pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929). The Securities and Exchange Commission …
The Governor of the Bank of Ghana Dr. Ernest Addison has announced a cut in the policy rate from 17 percent to 16 percent. This represents a 100 basis point drop. This is the maiden meeting of the Monetary Policy Committee of the Bank of Ghana this year. The policy rate is the rate at …
The Securities and Exchange Commission (SEC), has indicated that it has commenced thorough research into cryptocurrency-related activities in the country following fears of a cryptocurrency scam. In the meantime, it has urged Ghanaians “to desist from engaging in these crypto entities.” “If you chose to go there, you are on your own,” the Deputy Director General …
Senior Minister Yaw Osafo Maafo has warned that Ghana’s financial system could face an imminent collapse if industry personalities continue to compromise the rules and regulations put in place to protect the system. He made the comments at the Securities and Exchange Commission’s(SEC) 20th anniversary Dinner and Awards Night here in Accra. The Securities and …
The Bank of Ghana has shutdown Dancom Microfinance Ltd and also caused the arrest and prosecution of the Directors of the firm for engaging in deposit-taking activities without a licence. According to a statement from the BoG, Dancom Microfinance Ltd was not licensed to engage in microfinance business as per section 6 (1) of the …
The Embassy of France in Accra has extended an invitation to Ghanaian companies to take part in a Business Forum, dubbed “Ambition Africa 2018,” slated for October 22 and 23 in Paris. A statement issued by the French Embassy in Accra and copied to the Ghana News Agency on Tuesday said the “Ambition Africa 2018” …