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Impunity caused banks’ collapse – Bright Simons


Vice President of IMANI Africa, Bright Simmons, has attributed the collapse of some banks in the country to impunity on the part of the key stakeholders at the various financial institutions. In the past year, seven local banks have collapsed. They are Capital Bank, uniBank, Sovereign Bank, Construction Bank, The Beige Bank, UT Bank and the Royal Bank. A recent ...

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Gov’t, Finatrade’s GH¢220m debt led to our collapse – Royal bank

Royal bank

The Royal bank is blaming the government for contributing to the bank’s woes and subsequent revocation of its license. The bank believes it would have been avoided in the consolidation had the government paid its 150 million cedis debt to the bank. A report on the Royal bank’s correspondences with the central bank to resolve the bank’s liquidity challenges also ...

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Post harvest losses: Govt tackles issue with warehouses


The Ministry of Food and Agriculture has disclosed to Citi Business News that it has commenced processes for the establishment of fifty warehouses in the country before the end of this year, 2018. This follows an earlier promise by President Akufo Addo that government will construct a warehouse in every district of the country to ensure the proper storage of ...

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Inflation for July falls to 9.6 percent

inflation pix

Inflation for the month of July fell from 10 percent to 9.6 percent. This represents a 0.4 percentage decrease. Inflation measures the change in the general price level of goods and services over time. Speaking at a press conference, the acting Government Statistician, Baah Wadieh said the drop was due to the food component in the inflation basket. According to ...

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Parliament C’ttee to probe collapse of 7 banks


The Finance Committee of Parliament has scheduled a three-day hearing to probe the collapse of seven local banks in the last twelve months. “The committee has decided to hold hearings on the 5th to 7th September on the collapse of the banks here in Parliament,” the Chairman of the Finance Committee, Dr. Mark Assibey Yeboah told the press on Wednesday. Dr. ...

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BoG sets up ethics & internal investigations office


Bank of Ghana has set up an Office of Ethics and Internal Investigations as a first line of defense in its strategy to strengthen the financial sector. This was revealed by Information Minister nominee, Kojo Oppong Nkrumah at a press briefing. Citing a four step strategy by the government to improve the financial sector, Mr. Nkrumah revealed that the office was necessary ...

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Max International to expand operations in Ghana


The CEO of Max International, Joe Voyticky has announced his intentions to expand the operations of the company in Ghana in the supply of health products. Max International, is an industry leader in the production of wellness and weight loss supplements and products, the company officially launched its operations in 2014 and has partnered close to forty thousand Ghanaians across ...

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Allow foreigners to trade in retail sector–GUTA   

traders citi

The Ghana Union of Traders Association (GUTA) has resolved to allow foreign retailers in the Suame Magazine in Kumasi to operate today (August 15). According to GUTA, the decision is to create peace and harmony between traders in the ECOWAS region operating in Ghana’s retail market while government takes steps to remove the foreign traders from the retail market. GUTA ...

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Consolidated Bank: Director for Construction bank wraps up work

consolidated bank

One of the Directors under the newly Consolidated bank in charge of the erstwhile Construction Bank, Abenaa Kesewaa Brown is hopeful of completing her work by next month [September]. The transitional role involves assessing the defunct bank’s books, staff strength and other expenditure which will inform further decisions for the consolidation. The Construction bank announced the dissolution of its operations ...

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Menzgold licensed to deal in gold—company insists


Documents sighted by Citi Business News reveal that Menzgold Ghana, formerly Menzbank Ghana, a gold dealing company was licensed under the administration of the then Lands and Natural Resources Minister, Nii Osah Mills on the 22nd of August, 2016. Per the document, the company was authorized to purchase gold locally from persons holding small scale mining license. The document also ...

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