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GN Savings illegally transferred $62 million of depositors’ Cash to a foreign firm – BoG

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An investigation by the Bank of Ghana has revealed that GN Savings and Loans moved a whopping $62 million of depositor’s funds to a foreign firm without documentation.

The company in question is the International Business Solutions, another company owned by Groupe Nduom which is based in the U.S.A, without any documentation to support such transfers in breach of section 19 of the Foreign Exchange Act 2006, Act 723, Section IV of Bank of Ghana.

“A recent Bank of Ghana investigation conducted at GN revealed that a significant amount (USD62,255,516.93, GBP718,528.59 and EUR4,200) of depositors’ funds held with GN had been transferred to International Business Solutions (another company owned by Groupe Nduom and which is based in the U.S.A) without any documentation to support such transfers in breach of section 19 of the Foreign Exchange Act 2006, Act 723, Section IV of Bank of Ghana Notice No. BG/GOV/SEC/2007/4, and subsequent Bank of Ghana Notices issued in August 2014 prohibiting such practice,” the BoG explained the rationale for the shut down of GN Bank.

The central bank in a statement further noted that GN is yet to publish its 2018 audited accounts contrary to section 90 (2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“Furthermore, the company did not keep accounting records in a manner that gives an accurate and reliable account of the transactions of the company, and did not therefore show a true and fair view of its operations,” the BoG said.

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Business

Ndoum resigns from board of Gold Coast Brokerage; changes company’s name

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The Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has resigned from the Board of Gold Coast Brokerage Limited.

A statement from the Ghana Stock Exchange to Citi Business News confirmed the announcement.

Dr. Papa Kwesi Nduom is resigning from the Board together with Patrick Kobina Anumel.

They are being replaced by Dr. Olivia Anku-Tsede, Mr. Joseph Kusi-Tieku as well as Mr. Kwesi Abedu Wilson.

It is unclear what has led to the resignation of the two from the Board of Gold Coast Brokerage.

Meanwhile, the statement from the Ghana Stock Exchange has equally indicated the change of name of the company to Teak Tree Brokerage Limited.

Gold Coast Brokerage is a licensed brokerage firm offering stock brokerage, investment advisory & Treasury management services.

It is licensed by the Securities & Exchange Commission as a Broker-Dealer and registered as a Licensed Dealing Member of the Ghana Stock Exchange (GSE) as well as a Central Securities Depository participant.

Gold Coast Brokerage is a member of Groupe Nduom which is a family business group of Ghanaian and American Origin.

The company was incorporated on June 8, 2012 and started operations on July 1, 2012, to continue the tradition of service excellence from our mother company Gold Coast Securities.

This was as a result of a regulatory directive to separate the Fund Management license and the Broker-Dealer license.

Meanwhile, the name of the company has been changed effective Monday, September 9, 2019. Here is a news desk report on the announcement.

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Business

Top 5 online shops in Ghana

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Online shops in Ghana are now getting much better and sophisticated. With the increase in demand for digital products, convenience and the rise in peoples’ trust in the online business, a lot for online shops have been created.

Unlike years back, when most people fear to buy things online, today, people feel ease to key their credit cards on the internet stores to purchase any goods they want with a high percentage believe that they will get their products. We have seen the coming into being of many online shops in Ghana for the past years. Each day, new Ghanaian online shops are being created and these stores offer a wide variety of products that anyone from Ghana and beyond can buy have it shipped to wherever he/she stays in Ghana.

ALSO READ: Standard Chartered Bank Branches and Contact in Ghana

The like of Jumia and that of Kikuu has been the talk of the day. Most people feel like these two popular stores are the only shops in Ghana that offer great products at a cheaper price. But little do they know there are others that can compete with these stores. In this post, we are going to look at these Ghanaian owned online shops you can buy from. So without wasting further time lets dive to the point.

Below are some of the online stores you can buy from in Ghana:

  • Jumia
  • Kikuu
  • Zoobashop
  • Superprice
  • Melcom Ghana

Now let’s look at these sites in details. What they sell and how you can purchase from the site.

Jumia Ghana

Jumia is currently one of the leading online shops in Africa selling all categories of products. It has operations in almost all the Africa countries including Ghana. Jumia Ghana has grown to the stage where all their products can easily be accessed from every corner of the country.

jumia shop

 

With its best delivery method and supportive staff, customers turn to love them most. Jumia Ghana offers a variety of products ranging from Phones & Tablets, Electronics, Computing, Fashion, Home & Office, Health & Beauty, Gaming, Accessories, Clothing, Grooming & Healthcare Kits, Diapering, Grocery. etc. It has recently added a section for travel that allows one to book hotels. If you are from the capital city, you can use the Jumia food section to order food and get it delivered to your location within the city.

Kikuu

Kikuu is a Chinese based store with operations in Ghana. Kikuu has been one of my favourite stores for online shopping. the products offer on this shopping site are amazing because of the price, the time taken to get the goods in Ghana, and the payment method used for buying items. A lot of people have fallen for this site also.

kikuu

The Kikuu shop is well patronized by students and unemployed graduates. Most students use this site for their benefit. I got to know of this site way back in 2016 when I was in the university through a female friend. This friend of mine by then knew of this shop which she uses to make some decent amount of money on campus.

During that time, the store was not all that popular among the students. So most people who were aware of it bought products at cheaper prices and then sold them to their colleague students at a profit margin. What makes Kikuu the best is the fact that they have their agents all over the regions and district capitals of Ghana.

Once you shop on this store, you are given a tracking page most especially when you use the app. With the tracking, you get to know the status of your order at any checkpoint.

Zoobashop

Another great e-commerce shop in Ghana that has been in the system for some time now is the Zoobashop.

It offers products ranging from home appliance, phones, groceries, food and drinks, beauty, fashion, baby products, books & games, kids and toys. This site was once among and still belong to the largest market online shop in Ghana.

zoobashop

Zoobashop has a well define product categories which allows you to easily navigate through the site to find what so ever product you want. Check the site here to see for yourself.

Melcom Ghana

Melcom shopping Centre is not a new deal to many since they are already familiar with their local brick and mortar stores. Every ordinary Ghanaian knows of this shopping Centre.

Melcom in its quest to be among the business that serves customers both online and offline created the Melcom online shopping Centre.

 

melcom online

This online shop serves as the digital presence of the Melcom Shopping Centre. On this shop, you can easily order goods and service that you could have order offline when you visit the physical shop outlet.

Thanks to the internet and the coming into existence of the Melcom online shop, today you can sit in the comfort of your home and order these same products then get them delivered to your home with no extra cost.

SuperPrice

 

Just like zoobashop.com, the superprice online shopping site also offers great products that you can easily add to your cart. electronics products and other items such as cloths include the Zoobashop.

superprice

The website has a wide variety of items such as smartphones, Men’s Fashion, Women’s Fashion, Kids & Baby Fashion, TV Audio & Video, Home & Living, Beauty & Perfumes, Sports & Fitness, Landline Phones, Books & Other Categories.

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Ecobank Branches in Accra

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Ecobank Ghana is a commercial bank in Ghana. It is one of the commercial banks licensed by the Bank of Ghana, the national banking regulator. Ecobank Ghana is a member of the Pan-African Ecobank chain

With over 1,300 branches in 36 countries, Ecobank has one of the biggest branch networks on the continent. While you can enjoy Ecobank banking services online, on your mobile and at ATMs, the bank continues to offer friendly advice and support for your everyday banking in their branches.

All their branches are designed to easily meet their customers’ banking needs. They have tailored each branch interior to clearly identify how they efficiently serve their customers.

Key features:

  • For Classic customers – a welcoming, inclusive and accessible teller experience
  • For Advantage customers – dedicated touchscreen spaces offering extra support
  • For Premier customers – special lounges, wherever possible
  • Direct banking spaces, including ATM galleries and Internet access points, for quick electronic banking.

In Ghana, Ecobank has 67 branches network with 230 ATMs across the country. The list below is the branches of Ecobank in Accra:

    
Ecobank Abeka Branch
Akweteyman
030 700 1497
Ecobank Haatso Branch
Accra
030 221 3999
Ecobank Ghana Limited (Head Office)
Accra
030 221 3999
Ecobank Tema Motorway branch, Gyau Towers
Tema
030 330 5510
Ecobank - Silver Star, Airport Branch
Accra
030 276 7404
Ecobank Dansoman branch
Accra
030 232 6580
Ecobank - Darkuman Branch
Accra
030 221 3999
ECOBANK ABEKA-LAPAZ BRANCH
030 223 0061
EcoBank Ghana - Kotobabi Branch
Accra
030 221 3999
ECOBANK SAKUMONO BRANCH
030 221 3999
Ecobank Okponglo Branch
Accra
030 292 2401
Ecobank Abeka Branch
Akweteyman
030 700 1497
Ecobank A&C Mall Branch
ANC shopping center
Accra
Ecobank Tudu Branch
Accra
026 778 3452
Ecobank - Madina Branch
Madina
030 221 3999
Ecobank Tesano
030 221 3999
ECOBANK KWABENYA BRANCH
Dome
030 240 9241
Ecobank Westlands Branch
Accra
030 241 4872
Ecobank Legon Main Branch
University of Ghana campus, Near Alumni Office, Accra
Ecobank Mile 7 Branch
Nsawam Road
Ecobank - Spintex Branch
Accra
030 221 3999
ECOBANK ASHAIMAN BRANCH -
Accra
Ecobank - Accra Mall Branch
030 282 3053
ECOBANK EAST AIRPORT BRANCH
Accra
030 221 3999
Ecobank Roman Ridge Branch
Accra
030 224 1883
Ecobank - Osu Branch
Accra
030 268 1167
Ecobank Labone Branch
Accra
Ecobank Weija Branch
Accra
030 285 3202
Ecobank - Ring Road Branch
Accra
030 224 4007

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