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Banking And Finance

The 5 CEOs/MDs behind the ‘collapsed’ banks

CEOs

The Bank of Ghana on Wednesday August 1, 2018, announced that it has consolidated five domestic banks into what it calls the Consolidated Bank Ghana Limited. The five banks are uniBank, Royal Bank, Sovereign Bank, Beige Bank and the Construction Bank. Below are the Chief Executive Officers and Managing Directors of the five banks that have been ‘merged’ by the ...

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Gov’t to support local banks meet recapitalization

Governor of BoG, Dr. Ernest Addison

The Bank of Ghana(BoG) has hinted that the government will be provide financial support to other indigenous banks as needed, to help them meet the minimum capital requirement of GH¢400 million by 31st December 2018. The government, however indicated that such support will be limited to indigenous banks that are solvent, well governed and managed, in full compliance with the ...

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Unibank shareholders took GH¢5.3bn from bank  

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The Bank of Ghana has revealed that shareholders of Unibank took  GH¢5.3 billion from the bank without going through the proper procedures. This constituted a 75 percent of total assets of the bank. According to the central bank, Shareholders, related and connected parties had taken amounts totaling GH¢3.7 billion which were neither granted through the normal credit delivery process nor ...

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uniBank shareholders bought estates with bank’s monies

unibank

It has emerged that shareholders of uniBank used monies from the bank to acquire estate properties in their own names. According to the central bank “uniBank’s shareholders and related parties admitted to acquiring several real estate properties in their own names using the funds they took from the bank under questionable circumstances”. The governor of the Bank of Ghana, Dr. ...

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BoG merges Beige, Unibank and 3 other struggling banks

Dr. Ernest Addison, Governor of the Bank of Ghana

The Bank of Ghana has consolidated five banks into what it calls the Consolidated Bank Ghana limited. The banks are Beige bank, Construction bank, Royal bank, Unibank and Sovereign Bank. Per this decision, the central bank has merged all the banks into a bigger entity. According to the Governor of the Bank of Ghana, Dr. Ernest Addison, some the banks ...

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Collection of taxes on luxury vehicles starts today

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The Ghana Revenue Authority(GRA) is set to commence the collection of taxes on luxury cars from today. A statement released by the authority explained that the taxes will only affect cars with engine capacity above 2950. According to the statement, vehicles with engine capacity of 2950 to 3549 capacity will pay GHS1,000 cedis while vehicles with engine capacity of 3550 ...

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Most banks not equipped to block cybercrime—Analyst

bank

Most banks in the country have not put in the necessary security measures to avert their system from being infiltrated by cyber criminals, that is a revelation by the Cyber Forensic analyst with E-Crime Bureau Philemon Hini. According to him, financial institutions have relegated cyber security issues only to IT departments of their companies leaving the entire staff behind. His ...

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Gov’t could meet GHS300m tax target from luxury vehicles

luxiry

Economist, Dr. Ebo Tuckson is hopeful government could meet its 300 million cedis revenue target from luxury cars. Government announced through the mid-year budget review that it will raise the said amount between August and December 2018. Dr. Tuckson says his confidence in governments’ ability to collect more, due to the large number of vehicles with engine size of 3.0 ...

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MTN ends GH¢3.47 bn IPO today

Selorm Adadevoh - MTN Ghana CEO

MTN is to complete its Initial Public Offering (IPO) by close of day today [July 31, 2018] barring any last minute changes. The telecom company is ceding thirty-five percent (35%) of its shares to the public to complete the regulatory processes after it secured one of the 4G spectrum license. It’s been a little over two months now that MTN ...

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New BoG Directive to prevent bank collapse – Nana Otuo

Banking consultant - Nana Otuo Acheampong

Banking Consultant, Nana Otuo Acheampong is hopeful that the new directives on Financial Holding Companies should avert possible collapse of banks in the near future. The Bank of Ghana in its latest directive for the financial sector, has outlined the operation of Finance Holding Companies which insists on restricted areas they cannot venture. The Directive for Financial Holding Companies joins ...

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