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Tag Archives: BoG

Give EOCO unfettered access to Menzgold – Asiedu-Mante

Menzgold

A former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu-Mante has backed the investigations into the operations of Menzgold by the Economic and Organised Crime Office (EOCO). In his view, the probe is necessary if the sanctity of the financial sector is to be upheld. Mr. Asiedu-Mante’s comments come on the back of the Bank of Ghana’s caution to ...

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UT Bank collapse: Prince Amoabeng breaks one year silence

Prince Amoabeng

The Founder of defunct UT Bank, Prince Kofi Amoabeng has denied reports that he failed to account for 5 million cedis debt repayment to the Board which contributed to the revocation of the bank’s license in August 2017. In his major public comment after the revocation of the bank’s license over a year now, Mr. Amoabeng said he is saddened ...

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Bank of Ghana’s warning ‘unfortunate’ – Menzgold

MenzGold

The management of trading company Menzgold Ghana Company Limited has expressed grave concerns over the Bank of Ghana’s (BoG) threat of taking punitive actions against them. The company said the BoG’s warning was ‘unfortunate.’ The central bank had indicated that it was moving against Menzgold. According to the regulator, Menzgold, which is known as a precious minerals trading company, is ...

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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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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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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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Private sector dominates banks’ NPLs – BoG report

bog microfinance

Ghana’s private sector still dominates with its share of non-performing loans in the banking sector. The latest banking sector report released by the Bank of Ghana shows that the private sector made up as much as 90 percent of all NPLs for the banking sector as at April this year. The Bank of Ghana says between April 2017 and the ...

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Cedi depreciates by 5.83% in July – BoG                                                                       

Ghana Cedi

Latest data from the Bank of Ghana dubbed the Summary of Economic and Financial Data has shown that the cedi depreciated by 5.83% by July this year compared to the same period last year. The cedi until recently saw a sharp depreciation against the dollar, creating some uncertainty among business associations, calling for the free fall to be halted. The ...

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16 banks left to their fate over minimum capital

bank-of-ghana pic

The sixteen (16) banks yet to meet the minimum capital requirement will have to expedite processes to tap into available options before the December 31 deadline hits them in the face. That is the advice from Banking Consultant, Nana Otuo Acheampong. He explains that since such major decisions will require time, it will be appropriate to hook unto the few ...

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15 banks set to meet GH¢400m minimum capital – BoG

Dr. Ernest Addison - BoG Governor

Fifteen banks are to meet the new minimum capital requirement by December this year. This is the information available to Citi Business News from the Bank of Ghana. This means that at least nineteen (19) banks will have to resort to various options available to them to meet the minimum capital by the set deadline. The Governor of the central ...

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Citi Business News