Disregard false publications about BoG takeover - Ideal Finance

The management of Ideal Finance has entreated the public to disregard a false publication which claimed that the Bank of Ghana was set to take over its operations because of liquidity challenges.

According to Ideal Finance, the said publication is untrue and fraught with fictitious quotes attributed to the Finance Minister, Ken Ofori-Atta.

"This publication is apparently sourced from an interview granted by the Hon. Finance Minister, Ken Ofori-Atta on the Peace FM morning show ‘Kokrokoo’ with Kwami Sefa Kayi on Friday 16th November, 2018," the statement said.

"The Hon Finance Minister, Ken Ofori-Atta did not at any point during the interview with Kwami Sefa Kayi say the words attributed to him thus “…take over Ideal Finance over liquidity challenges”

"This publication is untrue and fraught with fictitious quotes which do not vaguely represent what the minister said in the aforementioned interview. The source website, www.mynewsgh.com retracted and removed the story from their website within 2 hours of publication due to the misrepresentations made in the story.

"We therefore call on our cherished customers and the general public to disregard this publication and its ensuing commentary. Below is a link to the Peace FM ‘Kokrokoo’ interview should you require further verification".

However, the statement also admitted that Ideal Finance like other indigenous finance houses was facing some challenges resulting from panic withdrawals following the collapse of some seven banks over the last one year.

"We want to put it on record that Ideal Finance Limited is in good standing with the Bank of Ghana with a paid up capital of GHS 56.7 million, above the minimum capital requirement of GHS 15 million for finance houses with a capital adequacy ratio of 11.6%. Following the collapse of the seven banks over the last one year, the entire finance sector has experienced a major shake up resulting in panic withdrawals and indigenous finance houses have been the hardest hit; Ideal Finance has not been an exception".

Below is the full statement from Ideal Finance

FOR IMMEDIATE RELEASE

Our attention has been drawn to a false publication making rounds on certain blogs and on social media that claims the Bank of Ghana is set to take over Ideal Finance over liquidity challenges.

This publication is apparently sourced from an interview granted by the Hon. Finance Minister, Ken Ofori-Atta on the Peace FM morning show ‘Kokrokoo’ with Kwami Sefa Kayi on Friday 16th November, 2018.

The Hon Finance Minister, Ken Ofori-Atta did not at any point during the interview with Kwami Sefa Kayi say the words attributed to him thus “…take over Ideal Finance over liquidity challenges”

This publication is untrue and fraught with fictitious quotes which do not vaguely represent what the minister said in the aforementioned interview. The source website, www.mynewsgh.com retracted and removed the story from their website within 2 hours of publication due to the misrepresentations made in the story.

We therefore call on our cherished customers and the general public to disregard this publication and its ensuing commentary.

We want to put it on record that Ideal Finance Limited is in good standing with the Bank of Ghana with a paid up capital of GHS 56.7 million, above the minimum capital requirement of GHS 15 million for finance houses with a capital adequacy ratio of 11.6%. Following the collapse of the seven banks over the last one year, the entire finance sector has experienced a major shake up resulting in panic withdrawals and indigenous finance houses have been the hardest hit; Ideal Finance has not been an exception.

Ideal Finance remains a leading finance house and is not in breach of any BOG regulations, we will like to use this opportunity to inform our cherished customers that, Ideal Finance is working around the clock with different institutions in Ghana and abroad to ensure that we remain the most stable finance house in Ghana.

Most importantly, our sincerest thanks goes to all our customers for your unrelenting trust in us, and for your continued business with Ideal Finance. We assure you of our unwavering commitment to serving you well and keeping your investments safe at all times.

Signed

Management, Ideal Finance Limited.