loans Archives - Wontumi Online

14 Feb

Total Value Of Secured Loans In Q4 Hits GH¢8.2Bn – BoG

CUD Wontumi0 CommentsBusinessBoG, loans

The total value of secured loans granted by banks and Specialised Deposit-Taking Institutions (SDIs) in Quarter 4 (Q4) 2024 was GH¢8.2 billion. This is relative to the GH¢5.9 billion recorded in Q4 2023, indicating an increase of 38.9% year-on-year. Banks accounted for GH¢5.7 billion of the total value of secured loans in Q4 2024, depicting an increase of 26.7% from GH¢4.5 billion recorded in Q4 2023. On the other hand, the total value of secured loans recorded by SDIs in Q4 2024 amounted to GH¢2.5 billion, an increase of 78.6% from GH¢1.4 billion recorded for the same period in 2023.…

29 Jan

US Judge Blocks Trump’s Freeze On Federal Grants, Loans

MAN Wontumi0 CommentsNewsFederal Grants, loans, Trump, US Judge

A US judge temporarily halted President Donald Trump’s order to freeze hundreds of billions of dollars in federal grants and loans, minutes before it was set to come into effect on Tuesday. Judge Loren AliKhan’s order to pause the plan until next Monday at 17:00 EST (22:00 GMT) came in response to a lawsuit filed earlier in the day by a group of organisations representing grant recipients. The lawsuit claims the White House’s temporary freezing of already approved funding violates the law. In the hours before the order was due to take effect, there was widespread confusion about which agencies…

25 Sep

Bank Of Ghana Reports 455% Surge In Loan Data Submissions In 2023

wontumionlineBusinessloans

The Bank of Ghana has reported that in 2023, an average of 21.2 million loan records were submitted monthly to credit bureaux by data providers, marking a dramatic 455 percent increase from the 3.8 million records submitted in 2022. This revelation was included in the Central Bank’s 2023 Annual Credit Activity Report. Notably, 99 percent of these submissions involved data on individual borrowers, underscoring a shift towards consumer lending. The surge is primarily attributed to the improved reporting of digital loan data to credit bureaux. Savings and loan companies, along with finance houses, led in submitting individual loan data, surpassing…

08 Nov

Be Careful Whom You Guarantee Loans For – BoG To Consumers

wontumionlineBusinessBoG, loans

The Bank of Ghana is advising consumers to be wary of whom they guarantee loans for. According to the Central Bank, the guarantor will be compelled to repay the loan with accrued interest if the borrower fails to honour their obligation. In a notice, the regulator of the banking industry also advised guarantors to assess the repayment capabilities of the borrower before guaranteeing any credit facility or loan. “Assess the repayment capabilities of the borrower before guaranteeing any credit facility or loan. Don’t forget that as a guarantor, you will be required to pay back any outstanding loan balance, if…

07 Sep

Value Of Loans Inches Up To GH¢5.9 Billion In Q2 Of 2023

wontumionlineBusinessloans

The total value of secured loans granted and registered by banks and special deposit-taking institutions (SDIs) grew by 15.5 percent year-on-year – reaching GH¢5.9billion at end of second-quarter 2023 (2Q23), fresh data from the Bank of Ghana (BoG) have shown. The latest figure represents a 12.7 percent improvement over the GH¢5.26billion recorded in first-quarter 2023. The data, contained in the second quarter of the 2023 Collateral Registry Report, showed the dominance of banks in this segment as they accounted for 83.7 percent – GH¢4.9billion – of all loans given out during the period. This was 14.8 percent more than the GH¢4.3billion given…

24 May

Investments, Loans Among Top 5 Products Of Banks With Complaints In 2022 – BoG

wontumionlineBusinessBanks, BoG, Investments, loans

The top five products or services that received most complaints in 2022 were investments, loans, current accounts, digital and electronic-money. For investments, the complaint data suggested that investment products and services witnessed delays with discounting, statement issuance, crediting matured investment or interest and roll overs on maturity. About loans, concerns that were raised on loan products/services were generally around changes in loan tenure and interest rate without borrowers’ consent, delays in processing loans, releasing collateral, issuing loan statements, recovery approaches and termination of loans. According to the Bank of Ghana Report on Complaint Management, investment products and services, comprising both…

31 Mar

DDEP: Banks Loans To Businesses, Households To Fall Significantly – Fitch Solutions

wontumionlineBusinessBanks, DDEP, Fitch solutions, loans

Fitch Solutions has indicated that the banking sector loans will fall considerably in 2023, whilst deposit growth will decline marginally. It said Ghana’s client loan growth will ease from 30.2% year-on-year in 2022 to 18.0% in 2023. This is a result of the challenging macroeconomic backdrop, as banks remain uncertain about the possible fallout from the domestic debt restructuring, as well as base effects from very strong loan growth in 2022. “Whilst our nominal client loans growth forecast will still be in double digits in 2023, skewed by still elevated inflation, our real client loan growth forecast will be much…

09 Mar

MASLOC Does Not Discriminate; Every Ghanaian Qualifies For A Loan- Deputy CEO of MASLOC (VIDEO)

wontumionlineFeatured, News, TrendingKwabena Asamoah, loans, MASLOC

Deputy Chief Executive Officer (CEO) of Microfinance and Small Loans Centre (MASLOC), Kwabena Asamoah has said that her outfit is accessible to all Ghanaians despite your party affiliation. Speaking to Kwaku Dawuro on Movement in the morning show on Movement TV/ Wontumi Radio, he said once you have a sound mind and you are between the ages of 18 and 65, you are eligible to access financial support from the institution. This comes after perception that MASLOC grants loans to only New Patriotic Party (NPP) supporters. He said that the institution operates with fairness. According to him, the process is…

06 Feb

Ghana To Securitise $3.3bn In Central Bank Loans

wontumionlineBusinessBoG, Ghana, imf, loans, securitise

Ghana plans to convert an estimated ¢40 billion ($3.3 billion) of loans owed to its central bank into bonds, making it the single biggest holder of domestic government securities and exposing it to an ongoing debt restructuring, according to people familiar with the matter. The bonds, due to be issued by the finance ministry, will also cover interest owed to the Bank of Ghana, said the people, who asked not to be named because they’re not authorized to speak publicly on the matter. The people didn’t provide details on a timeline for the securitisation, but Ghana is seeking to conclude…

05 Oct

The NPP Borrows To Improve Livelihoods- Ebenezer Doku

wontumionlineFeatured, News, TrendingEbenezer Doku, loans

The Greater Accra regional director of elections and research for the ruling New Patriotic Party (NPP), Ebenezer Doku, has said that the borrowing of funds by the current government is what has kept the country moving in these times of global crisis. This comes on the back of allegations that the government is borrowing for what it cannot account for. Speaking on Movement in the morning show on Wontumi Radio/Movement TV, he told Kwaku Dawuro that “We have used what we borrowed to keep the country going. Imagine how we would have lived in this country without electricity. Despite the…