Zenith Bank Ghana Announces Voluntary Withdrawal from Securities Industry and Capital Market

Zenith Bank Ghana Announces Voluntary Withdrawal from Securities Industry and Capital Market

  • Zenith Bank Ghana has ceased operations in the capital market and securities industry
  • The SEC has said the bank voluntarily decided to withdraw from the two markets
  • While no reasons have been provided, the SEC said it approved the voluntary withdrawal after thorough perusal of the application

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Zenith Bank Ghana has ceased operations in the Securities industry and Capital Markets.

According to Ghana’s Securities and Exchange Commission (SEC), the top-tier bank voluntarily withdrew operations from the two markets.

Zenith Bank Ghana says it's stopped operations in the securities industry and capital market
The SEC says Zenith Bank Ghana took the decision voluntarily. Source: UGC.
Source: UGC

In a press release, the SEC explained that it approved the decision by the bank after thoroughly assessing the bank’s voluntary application.

“Zenith Bank Ghana Limited is no longer mandated to carry out any Trustee activities within the securities industry,” the SEC statement emphasised.

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The SEC said it remains committed to ensuring rigorous enforcement of all the rules for operators in the capital market.

Zenith Bank Ghana ceases securities and capital market operations
The SEC announced Zenith Bank Ghana's decision in a statement issued on January 18, 2023.
Source: UGC

Dr Ato Forson Predicts Domestic Debt Exchange Programme Will Lead To Collapse Of 5 Commercial Banks

Meanwhile, YEN.com.gh has reported in a separate story that the Ranking Member of Parliament’s Finance Committee has predicted another banking sector in the country.

Dr Cassiel Ato Forson says the Domestic Debt Exchange programme will lead to the collapse of five commercial banks.

He again reiterated assertions that the programme in its current form will lead to impoverish ordinary Ghanaians.

Domestic Debt Exchange: Ken Ofori-Atta's Plan To Deal With Ghana's Debt Crisis

Also, the domestic debt exchange programme is a plan by Ghana's finance ministry, led by Ken Ofori-Atta, to prevent an economic collapse due to the government's inability to pay domestic lenders.

However, the plan, which has been described as insensitive because it proposes to erode investments of thousands of Ghanaians, is facing fierce public resistance.

Individual bondholders, banks and other interest groups have rejected the proposals under the voluntary debt exchange programme.

Government Grants Conditional Approval For Sale Of Vodafone To Telecel Group

In even more news, the government has granted conditional approval for the sale of Vodafone Ghana to Telecel Group.

The National Communications Authority (NCA) in a statement said the approval was for the transfer of the 70% majority shares in Vodafone Ghana.

Telecel Group earlier made a bid for Vodafone Ghana which was earlier rejected by the government of Ghana.

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Source: YEN.com.gh

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