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

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

    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

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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

    ASTM International pledges support for Ghana’s petroleum industry

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    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”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

    IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

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

    GHASALC laments drop on number of digital transactions following e-levy

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

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

    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

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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

    ASTM International pledges support for Ghana’s petroleum industry

  • TECHNOLOGY

    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”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    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

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Banks collapse: Only GHS731 million out of GHS10.1 billion loans recovered — Governor

Receivers uncover fictitious loans and poor documentation of loans

bycitibusinessnews
May 21, 2019
in Banking And Finance, Economy, Top Stories
Dr. Ernest Addison

Dr. Ernest Addison

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Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that out of the GHS10.1 billion loans taken on by the receivers of the nine banks, only GHS731 million has so far been recovered.

Dr. Addison said the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks engaging in frivolous legal cases to sabotage the process.

“The process has progressed slowly as out of the total loans of GH¢10.1 billion taken over by the Receivers, total recoveries so far is in excess of GH₵ 731 million and this has been achieved through loan repayments by customers; repayment of placements; sale of vehicles; liquidation of bonds; and from other incomes sources. Loan repayments by customers constitute about 72 percent of the total proceeds realized,” he said.

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The Governor, who was speaking at the opening of the Ghana CEO Summit in Accra, further added that the work of the receivers is compounded by the fact that some of the failed banks had insufficient or non-existent information covering some of the loans granted.

“Low or poor documentation has also made it difficult for the Receivers to identify and pursue some of the loan defaulters due to insufficient or non-existent information,” he said.

Investigations by the receivers, he noted, have also revealed that some of the assets were not registered in the names of the specific financial institutions but in the names of related or connected parties, making it difficult to dispose of the underlying collateral to offset the outstanding loans.

“Some of these loans were even fictitiously created and the directors are being pursued to recover such monies,” Dr. Addison noted.

Seeking legal redress

Currently, it is estimated that there are about 50 cases pending before the courts relating to the recovery of certain assets and monies from some of the shareholders, directors and other loan defaulters of these erstwhile institutions.

“In my opinion, designating special courts and judges to adjudicate matters relating to specific issues arising out of the Bank resolutions and revocation of licenses given the public interest, and the enforcement of collateral agreements will help speed up the process.

Without an efficient judiciary system that is prepared to deal with cases in a swift and decisive manner, all the work done in sanitizing the banking system will not yield the desired results/ expected outcomes,” the Governor stated.

The Bank of Ghana over the last two years withdrew the licenses of nine banks placing them under receivership. The first two banks affected by the reforms were UT and Capital banks which were put under the receivership of Vish Ashiagbor, Senior Country Partner, PwC.

The other seven banks, Sovereign, Unibank, Construction Bank, The Royal Bank, Heritage Bank, Premium Bank and Beige Bank were placed under receivership of Nii Amanor Dodoo of KPMG.

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President and Board Chairman of Afreximbank, Prof Benedict Oramah

Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

Free SHS and other programs must be redesigned now – Seth Terkper

IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

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

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