For most rich Ghanaians who once had thriving businesses, 2019 marked the end of their business owing to major setbacks particularly due to the unsteadiness of the financial sector which had their business folded.
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Some of these rich people were considered business titans in the Ghanaian business space and controlled some amount of wealth, or at least, people’s monies.
However, these individuals ‘failed’ to manage their business despite either being given considerable time to save their business or were bailed out by the Bank of Ghana (BoG).
Regardless of their loss in 2019, these rich individuals have other thriving businesses.
1: Dr Paa Kwesi Nduom
A Ghanaian business consultant, politician and promoter of GN Savings and Loans Company.
GN Savings and Loans Company lost its operation licensing after it became in-liquid.
The company started as First National Savings and Loans (FNSL) Company Limited and licensed as a Savings and Loans Company.
On September 4, 2014, the company was renamed GN Bank Limited after it was issued with a universal banking license by the Bank of Ghana.
On January 4, 2019, the bank was reclassified from a universal bank to a Savings and Loans Company because it was not able to meet new required minimum paid-up capital of GH¢ 400 million by December 31, 2018.
The financial condition of the institution deteriorated since the reclassification with both negative capital adequacy ratio and negative net worth.
2: Mark Opoku
An accomplished entrepreneur, founder and CEO of Legacy Capital Savings and Loans.
Opoku was responsible for ensuring that Legacy Capital attains its strategic goals. He is also the founder and chairman of Legacy Financial Services and First Merit Trust.
On August 12, 2016, Legacy Capital was licensed to operate as Savings and Loans Company in Ghana by the Bank of Ghana. It, however, began actual operation in November 2016.
BoG revoked the license of Legacy Capital on the grounds of insolvency and liquidity issues.
3: Dr Nii Kotei Dzani, owner of Ideal Finance Limited and First Trust Savings and Loans Limited had his business lost its operation license after the company consistently failed to meet the minimum cash reserve requirement of 10% of its total deposits.
Ideal Finance shareholders failed to restore the bank to the required regulatory capital and liquidity levels.
In other stories, YEN.com.gh reported the Kristo Asafo Mission of Ghana unveiled a 40-feet vehicle manufactured by the Kantanka Automobile Company Limited at the Mission’s 39th Technological Exhibition.
The 39th Technological Exhibition came off at the Apostle Safo School of Art and Science (ASSAS) at Awoshie Last Stop. YEN.com.gh previously reported that Kantanka Automobile Limited showcased its new stretch vehicle designed in the form of an aeroplane, minus the wings, on Sunday, December 29, 2019.
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