Regulating crowdfunding: BoG releases policy ghanaiantimes.com.gh - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ghanaiantimes.com.gh Daily Mail and Mail on Sunday newspapers.
Giving reasons why the company was collapsed at the Appointments Committee during his vetting, he said he was not in a position to inject any further capital in the organisation when the directors and management of Oval Microfinance reported difficulties and requested recapitalisation. According to him, the company s woes were compounded by the August 2019 hike in the minimum capital requirement demanded by the Central Bank. He said he [Kojo Oppong Nkrumah] came to the view that it [Oval microfinance] was in breach of what the new statutory requirement was. I, as a [majority] shareholder, and many of the other shareholders could not reinvest in the organisation as was being required by the directors and the management and the Bank of Ghana effectively revoked its license accordingly, he added.
Dr Ernest Addison, Governor of the Bank of Ghana
The Bank of Ghana (BoG) and the Security and Exchange Commission (SEC) have been asked to scale up efforts in dealing with the issue of money doubling in the country.
Private legal Practitioner, Christian Malm-Hesse said this issue is gradually growing in the country, a situation, he believes threatens the financial sector of the local economy.
To that end, he said, the regulators must up their game in ensuring that this problem is nipped in the bud.
Speaking on the issue of money doubling in an interview with TV3’s Johnnie Hughes on the New Day show Monday, February 8, Mr. Malm-Hesse noted that the BoG, the SEC, and the Ghana Revenue Authority (GRA) are not doing enough to tackle the problem.