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    BoG Act needs clarity, improvement for easy implementation – Governor

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Don’t shortchange customers; use standardized measurements – Traders told

    We’re ready to provide liquidity support to banks – BoG reiterates

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Ghana Association of Banks welcomes provisions for recapitalization

    BoG commissions Financial Industry Command Security Operations Centre

    GSA to clamp down on sub-standard cables, electrical products dealers

    GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies

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    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

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    Mining propels Ghana to beat growth estimates in fourth quarter

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    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

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Receiver for Consolidated Bank gives debtors June 14 deadline to settle liabilities

byPius Amihere Eduku
May 15, 2019
in Banking And Finance, Business, Economy, Top Stories
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The Receiver for the five banks merged into the Consolidated Bank, Nii Amanor Dodoo has given individuals and businesses who are defaulting in loans to the affected banks to redeem their liabilities or risk publication of their names in the national dailies.

The caution was given in a statement published in the Daily Graphic reminding the defaulters of their due.

The Bank of Ghana on August 1 2018, revoked the licenses of five indigenous banks to form the consolidated bank.

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The banks were the Royal bank, Unibank, Sovereign bank, the Construction bank and the Beige bank.

They were incited for various infractions such as not practicing good corporate governance, operating with severe liquidity challenges, engaging in related party-lending, amongst others.

The Bank of Ghana in a bid to secure the deposit of customers, appointed Nii Amanor Dodoo of KPMG as the Receiver of the five banks.

He was to track and pursue all outstanding liabilities, realize assets due the banks and continue with the management of the banks to rebuild confidence.

The government subsequently issued a bond to the tune of about eight billion cedis to help strengthen the capital position of the banks.

Per the latest caution, all defaulters are expected to complete payment on or before June 14, 2019.

Equally any defaulter could meet the Receiver to make satisfactory arrangements towards settling their obligations on or before the said date.

Aside publishing the names and amounts owed, the receiver also says he will initiate a court action to recover all obligations without further recourse to any debtor.

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