A DOSSIER on Accent Financial Services Limited from\nthe Bank of Ghana revealed that most of the company\u2019sinvestments\nportfolio had no supporting documents, whilst loans it granted to related\nparties were concealed from the Bank of Ghana, "},"modified":"2019-09-03T14:05:22","modified_gmt":"2019-09-03T14:05:22","slug":"accent-financials-investments-had-no-supporting-documents","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/09\/03\/accent-financials-investments-had-no-supporting-documents\/","title":{"rendered":"\u2018Accent Financial\u2019s Investments Had No Supporting Documents\u2019"},"content":{"rendered":"
\n
A DOSSIER on Accent Financial Services Limited from
\nthe Bank of Ghana revealed that most of the company\u2019sinvestments
\nportfolio had no supporting documents, whilst loans it granted to related
\nparties were concealed from the Bank of Ghana, \u00a0<\/p>\n
Accent Financial
\nServices Limited recorded high non-performing loans due to poor underwriting
\nstandards; took to creative accounting practices, thereby misrepresenting its
\ntrue financial condition as well as misreporting its true financial position to
\nthe Bank of Ghana. <\/p>\n
Accent Financial
\nServices Limited was incorporated in Ghana on 21st November, 2012 and was
\nlicensed by the Bank of Ghana to commence operations in June 2013. <\/p>\n
The institution has
\nbeen insolvent since March 2017. The Bank of Ghana has since March 2017 engaged
\nthe Board and Senior Management of the institution on the need to inject
\nadditional capital but that yielded no results. <\/p>\n
In addition to the
\nafore-mentioned factors that led to the revocation of the operating licence by
\nthe central bank, were that the company had a net worth of negative GH\u00a255.76
\nmillion as at end February 2019, in violation of section 28(1) Act 930. Also,
\nit had a capital adequacy ratio of negative 144.30% as at end February 2019, in
\nviolation of section 29(2) of Act 930. <\/p>\n
\u201cThe institution
\nhas been facing serious liquidity challenges as it has been unable to meet
\ncustomer withdrawal requests since 2017. The Bank of Ghana has received many
\ncomplaints from customers regarding the inability of the institution to meet
\ntheir withdrawal demands,\u201d the BoG report said, adding that Accent Financial
\nService Limited also had corporate governance weaknesses with weak board and
\nmanagement oversight. <\/p>\n
Adom Savings And
\nLoans Limited <\/strong><\/p>\nAdom Savings and
\nLoans Company Limited, a financial services company incorporated under the
\nCompanies Act, 1963 (Act 179) in January 2010, recorded poor earnings due
\nmainly to high management fees paid to related parties, had poor credit
\nunderwriting standards and weaknesses in risk management function resulting in
\nhigh non-performing loans, and was unable to present an accurate and reliable
\naccount of its transactions. <\/p>\n
Also, a review of
\nthe institution\u2019s performance in August 2018 revealed that it was insolvent
\nwhile its reported capital adequacy ratio and net worth as at May 2019 were
\nnegative. <\/p>\n
\u201cAmong other
\nthings, the Bank of Ghana\u2019s supervisory assessments revealed that the
\ninstitution\u2019s net worth of negative GH\u00a29.60 million as at end May 2019 violated
\nsection 28(1) of Act 930, and its capital adequacy ratio of negative 126.23% as
\nat end May 2019 was in violation of Section 29(2) of Act 930.\u201d Also, its
\nnon-performing related party exposures were far in excess of the statutory
\nlimits. <\/p>\n
The BoG report
\ncontinued that Accent Financial Services consistently breached the minimum cash
\nreserve ratio requirement since 11th July, 2018 mainly as a result of its
\nliquidity challenges, while it was also unable to meet withdrawals of
\ncustomers. <\/p>\n
\u201cWeaknesses in
\nboard and senior management oversight, including the fact that the institution
\nhas been without a substantive Managing Director since September 2018,\u201d it
\nadded.\u00a0 <\/p>\n
It was licensed by the Bank of Ghana to operate as a savings and loans company in August 2016 and commenced operations in November 2016. <\/p>\n
BY Samuel Boadi<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"A DOSSIER on Accent Financial Services Limited from the Bank of Ghana revealed that most of the company\u2019sinvestments portfolio had no supporting documents, whilst loans it granted to related parties were concealed from the Bank of Ghana, \u00a0 Accent Financial Services Limited recorded high non-performing loans due to poor underwriting standards; took to creative accounting […]<\/p>\n","protected":false},"author":1,"featured_media":697844,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-697843","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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