Africa Business Ghana West Africa World 

Ghana in line to host ECOWAS central bank

Ghana is seeking to host the ECOWAS central bank which is expected to be set up in the coming months. The bank would be critical ahead of the introduction of the ECOWAS common currency the ‘Eco’ from January 2020. ECOWAS Commissioner in charge of Micro Economic Policy said Ghana is one of the leading countries in line to host the bank. Dr. Kofi Konadu Apraku told Starr FM’s World Today Extra radio show in Accra that “There are major countries including Ghana that is actively seeking to host the central…

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Africa Business Nigeria West Africa World 

Nigeria: Loan defaulters to lose deposits in other banks

Nigeria’s Central Bank has announced that loan defaulters will now lose their deposits in other banks. The move is in an attempt to reduce the rate at which customers of banks default in paying their loans. The central bank and other lending institutions agreed to seize the bank savings of customers that borrow money and refuse to pay back. Per the agreement all deposits in the defaulting customers’ other banks’ accounts will be used to service the unpaid loans. The decision was taken at the 345th Bankers Committee meeting in…

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