A commodity trading company, Finatrade, is said to have begun series of job cuts in anticipation of an eventual liquidation as the company is soaked in more than GH¢1 billion debt that is threatening the survival of some banks in the country.
The company, which is arguably the biggest commodity trading company in the country, is unable to meet its financial obligations to the banks, which is crippling the operations of about 26 local banks in the country.
The situation has sparked concerns that it might hurt the banking sector in ways similar to what caused the collapse of two major national banks, Bank for Housing and Construction and Cooperative Bank, about two decades ago.
Finatrade Group is indebted to the various ban…
Read the full article at: http://www.graphic.com.gh/business/business-news/finatrade-faces-imminent-liquidation-as-mounting-debts-threaten-survival-of-banks.html