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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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10 reasons why BoG took over uniBank

bycitibusinessnews
March 20, 2018
in Banking And Finance, Government, Local Economy, Top Stories
Dr. Ernest Addison, Governor of the Bank of Ghana

Dr. Ernest Addison, Governor of the Bank of Ghana

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The Bank of Ghana (BoG) today, Tuesday March 20, 2018, announced that it has taken over the management of uniBank, by appointing an administrator,  KPMG, to run the indigenous bank.

According to the central bank, it took the decision to save uniBank from collapse.

Here are the 10 major reasons why the central bank took over uniBank.

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1. uniBank persistently maintained a capital adequacy  ratio (CAR) below zero (currently negative 24%), making it technically insolvent. This contravened the 10% minimum CAR required.

2. uniBank suffered liquidity shortfalls and consistently breached its cash reserve requirement. As a result, UniBank relied extensively on liquidity support of over GHS 2.2 billion from the Bank of Ghana over the past two years to meet its recurring liabilities.

3. uniBank conducted its credit administration in a manner that has jeopardized the interests of depositors and the financial sector as a whole.

4. uniBank failed to comply with a directive of the Bank of Ghana dated 26th October, 2017, under section 105 of Act 930, prohibiting the bank from granting new loans and incurring new capital expenditures.

5.uniBank failed to comply with several other regulatory requirements, including  Lending to a number of borrowers in excess of its regulatory lending limit (single obligor limit).

6. uniBank was borrowing from the inter-bank market without the written approval of the Bank of Ghana when its CAR was less than the prescribed ten percent (10%), in breach of the BoG laws.

7. uniBank was outsourcing a number of services such as those of tellers, receptionists, and security, to affiliate companies without the prior approval by the Bank of Ghana, contrary to BoG Laws.

8. uniBank refused to cooperate with the Bank of Ghana in the performance of its supervisory responsibilities, including deliberately concealing some liabilities from its balance sheet, and failing to submit documents and records for supervisory inspection.

9. uniBank was engaged in poor corporate governance and risk management practices which rendered the bank vulnerable to macroeconomic shocks.

10. uniBank was generally conducting its affairs in a manner detrimental to the interests of depositors and the financial system as a whole.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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