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Ofori-Atta hints of action against those behind banks’ collapse

ken crop

Finance Minister, Ken Ofori-Atta, has said government will ensure persons responsible for the collapse of some local banks in the country will be made to face the law. He believes the collapse of these banks was not a failure on the part of the banks, but individuals who stole depositors’ funds for their personal use. Speaking at press conference to inaugurate ...

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I wasn’t responsible for daily operations of Capital Bank – Otabil

Pastor-Mensa-Otabil - Copy

The Board Chairman of defunct Capital Bank, Pastor Mensa Otabil, has subtly denied direct involvement in the woes of the financial institution. In his first public reaction to the development which has been a controversial subject in the media space, Mensa Otabil said his role as the chairman of the bank’s board was a non-executive one hence he was not ...

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Former UT, Capital banks workers rejected due to stigmatization


A year after the collapse of UT and Capital banks, some workers are still battling with the stigmatization of working under a company that collapsed. The former workers tell Citi Business News they are turned away anytime they apply for a job in the financial sector due to the stigmatization. About 700 people lost their jobs when Capital bank and ...

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Group petitions parliament over collapse of banks


A Civil Society Group, New Era Africa (NERA) has petitioned parliament to conduct a bi-partisan public enquiry into the recent banking crisis. According to NERA, the cost of seven defunct banks in the past one year will be borne by people of Ghana, hence it will prudent for the people’s representative to probe the issues that led to the collapse ...

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One year on; Receiver still pursuing UT, Capital cash [Audio]

Vish Ashiagbor - Country Senior Partner, PwC

Interested parties to benefit from proceeds of the disposal of assets and liquidation of same of defunct UT and Capital banks may have to wait a little longer. This is because the Joint Receiver for the defunct UT and Capital banks, Pricewaterhouse Coopers has stressed that the processes, majority of which are legal, could take more time than expected. The ...

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Capital bank collapse: Ato Essien, two others owed GH¢79.9m

William Ato Essien

An internal report on the erstwhile Capital bank has shown that the bank’s founder, William Ato Essien and two others, were indebted to the bank to the tune of 79.9 million cedis (GH¢79,937,812) as at the time the bank collapsed. This represented about 60 percent of the total Third Party Funds. The report mentioned William Ato Essien, owed the highest. ...

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Ken Thompson writes: Collapsed banks did not fail; they were greedy, reckless


On August 2nd we woke up to 30 banks. When we went to bed a day before there were 34 banks. Five banks that had ‘kaput’ had now become Consolidated Bank Ghana Limited. Five had become one; UniBank, Sovereign Bank, Construction Bank, BEIGE Bank, and Royal Bank has been ‘consolidated’ to form a new entity after they, according to the ...

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133 new items added to inflation basket


The Ghana Statistical Service has announced the rebasing of the calculation of the Consumer Price Inflation effective July this year. This means that the reference year for calculating the change in the prices of goods and services at any particular point, has moved from 2012 to 2017. According to the Ghana Statistical Service, the move is in line with international ...

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UT Bank collapse: Ibrahim Mahama denies blame over loan default

Ibrahim-Mahama - CEO, Engineers & Planners

The CEO of Engineers and Planners (E&P), Ibrahim Mahama, has refuted allegations that his non-payment of a GH¢302,000,000 loan facility granted to four companies reported to be his, resulted in the collapse of defunct UT Bank. He has also disputed claims that he owns the said companies; Dzata Cement, Holman Brothers Ltd and MBG Ltd. Speaking to the media after ...

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Consolidated Bank blocks withdrawals from defunct Beige Bank accounts

consolidated bank

The newly-established Consolidated Bank Ghana (CBG) has blocked the fixed deposit accounts of customers of the defunct Beige Bank. This means clients of the defunct bank can no longer make withdrawals from the fixed deposit accounts. “Effective immediately there will be no redemptions or withdrawals on all fixed deposit accounts held by the erstwhile Beige Bank”, Consolidated Bank indicated in ...

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