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Banking And Finance

KPMG exonerates itself from Unibank, Royal bank awards

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Auditing firm, KPMG has dismissed media reports suggesting that it has a role to play in the 2017 Banking awards in which some of the five collapsed local banks were rewarded. The comment also follows the appointment of KPMG to assist the Bank of Ghana as a receiver of the collapsed banks. According to KPMG, its role as analysers of ...

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Menzgold not licensed for deposits, sanctions on the way – BoG

Menzgold

The central bank has indicated that it will soon take punitive measures against Menzgold Ghana Company Limited. According to the Bank of Ghana (BoG) Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits. Menzgold is currently operating with a license granted it by the Minerals Commission and the Ministry of Lands and Natural ...

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Barclays bank meets GH¢400m minimum capital

BARCLAYS

Barclays Bank Ghana Limited has stated that it has met the 400 million cedis minimum capital requirement. The Board Chairman of Barclays Bank Ghana, Charles Cofie disclosed this in a statement on Absa Group’s first half results for this year [2018]. According to him, Barclays was among the first banks to meet the target without external capital injection. “Barclays Bank ...

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Absa Group’s income hits $2.3bn

Maria Ramos new

Absa Group has announced that its income increased by three percent for the first six months of this year (2018). The group’s revenue increased to 37 billion Rand or 2.8 billion dollars between January and June 2018. A statement on the bank’s financial position to Citi Business News also said that major earnings for the bank increased by the same ...

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Money laundering: BoG places GH¢60,000 fine on banks, others

Dr. Ernest Addison - BoG Governor

Banks and Specialised Deposit Taking Institutions (SDIs) that fail to comply with the central bank’s Anti-Money Laundering regulations risk paying as much as sixty thousand cedis (GH¢60,000) in fine beginning this month. This follows the implementation of the Bank of Ghana’s laws on Anti-Money Laundering (AML). The document also comes days after a foiled cyber attack on UMB. In all, ...

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Some shareholders of uniBank sue Bank of Ghana

Dr. Ernest Addison - BoG Governor

Shareholders of embattled unibank have sued the Bank of Ghana for cutting short its moves to acquire shares of adb. According to the plaintiff the decision taken by the Bank of Ghana was “arbitrary, capricious and inconsistent”. The shareholders are Belstar Capital Limited and Starmount Development Company Limited. The suit follows assertions made by the governor of the Bank of ...

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Gov’t to withdraw new Ameri deal

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Government is preparing to withdraw the new Ameri Deal. The move is to enable government make some changes to the agreement before it will be put before parliament again. This is expected to happen after parliament returns from recess. The minority group in parliament yesterday described the new Ameri deal as bad and asked government to cancel it. Addressing a ...

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ESLA Bond Rated as the Best in Europe, Middle East and Africa

esla

The 2017 Europe, Middle East, Africa (EMEA) Finance Achievement Awards has awarded Ghana’s ESLA Bond Transaction as the best restructuring deal last year. ESLA Plc is the institution established for purposes of raising money to clear the outstanding energy sector debts. The ESLA Bond transaction, is part of nine transactions across EMEA that was recognized in various categories at this ...

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Access Bank meets GHS400m capital requirement

Kris Ifeanyi Njoku, Access Bank

Access Bank Ghana has met the new minimum capital requirement set by the Bank of Ghana (BOG) ahead of the stipulated deadline in December. This makes Access Bank the first among Banks requiring to raise the new capital of GHS 400million set by the Central Bank. The announcement comes after the Bank completed its Rights Issue, which ended on July ...

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Banking ‘rot’: Issues of criminality must be addressed – Economist

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An economist and the Policy Director at the Trades Unions Congress (TUC), Dr. Kwabena Nyarko Otoo, does not want the issues of criminality to be glossed over in the assessment of the recent collapses of five local banks. Three of the five banks consolidated under Consolidated Bank Ghana Limited by the Bank of Ghana; Sovereign Bank, The Beige Bank and Construction ...

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