Tuesday, June 15

Tag: SDIs

BoG Directs Banks, SDIs Not To Pay Dividends

BoG Directs Banks, SDIs Not To Pay Dividends

THE BANK of Ghana has directed banks and special deposit-taking institutions (SDIs) to desist from declaring or paying dividends or distributing reserves to shareholders. It has also urged the financial institutions not to make any irrevocable commitments regarding the declaration or payment of dividends to shareholders for 2020 and 2021 financial years, unless certain minimum criteria have been satisfied. The Central Bank, which made this known in a recent notice, said this was in view of the uncertainties surrounding the pandemic and its potential impact on the banking sector. Such criteria, the BoG said, included compliance with Sections 34 and 35 and all other relevant provisions of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930; compliance with ...
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