Category: Banking And Finance
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Terkper charges BoG to establish extra tier in banking system for local banks
Former Finance Minister Seth Terkper has advocated the creation of an additional tier banking reserved for indigenous banks to occupy the existing gap between the minimum capital requirement of universal banks and savings and loans companies. The Bank of Ghana in 2017 increased minimum capital requirement from GHS120 million and gave the banks a December…
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Ofori-Atta, Keli Gadzekpo fires back at Ato Essien over “palpable falsehood” in Capital Bank collapse
Lawyers for Finance Minister Ken Ofori-Atta and Keli Gadzekpo, a Bank of Ghana board member, have described as palpable falsehood claims that they had wanted to acquire Capital Bank before it was shut down by the central bank. The founder of Capital Bank, William Ato Essien in an interview on Metro TV last week said…
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Capital Bank collapse: Ato Essien’s innocence claim a mere charade – MP
The Member of Parliament for Sekondi, Andrew Mercer has spoken against the founder of defunct Capital Bank, William Ato Essien, for his recent media appearance where he claimed innocence in the collapse of his bank. Speaking on The Big Issue on Citi FM/TV, Mr. Mercer said the whole interview on Metro TV’s Good Evening Ghana…
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I can’t be prosecuted; I did no wrong — Ato Essien
The founder of defunct Capital Bank, William Ato Essien, says he does not expect to be dragged to court following comments by the Attorney General that it will soon take legal actions against persons who contributed to the banking crisis. On Metro TV’s Good Evening Ghana, he maintained that there was no malfeasance in the…
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We wanted BoG to waive interest on GHS610m liquidity support — Ato Essien
Founder of defunct Capital Bank William Ato Essien has complained about the Bank of Ghana’s high handedness in dealing with the bank’s troubles leading to eventual revocation of their license in 2017. Mr. Essien commenting on circumstances leading to the bank losing its license 2 years ago said the bank was in distress when it…
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Ghana joins African Trade Insurance to improve credit ratings
Ghana has signed an agreement with the African Trade Insurance (ATI) Agency to be a member of the group. The ATI which is an insurance corporation has insured over 6 billion dollars’ worth of investment in Africa. The signing of the agreement between Ghana and the ATI will enabled Ghana to complete its shareholding and…
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High Court dismisses BoG claims over Unicredit license revocation
An Accra High Court has dismissed an application by the Bank of Ghana (BoG) seeking the court to strike out a case by UniCredit challenging the BoG’s letter revoking its operational license. This comes after an application for judicial review by owners of UniCredit challenging the Central Bank over the decision to revoke its license.…
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Bank of Ghana to start forex forward auction on Oct.1
The Bank of Ghana has announced that it would from October 1, 2019 start forward sales purchases of forex. The central bank in a notice on guidelines issued to forex dealers said the initiative which comes on the back of improved liquidity on the market and would deepen the foreign Exchange Market. Foreign exchange dealers…
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South Africans urged to withdraw ‘enough cash’ ahead of banking strike
South Africans have been urged to withdraw sufficient cash to sustain livelihoods during an anticipated national strike in the banking sector. Automated Teller Machines (ATMs) and banking services will be shut down on Friday, as the country’s biggest financial union Sasbo leads a strike against retrenchments. Sasbo’s Joe Kokela cautioned South Africans to brace themselves…
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Court set to rule on Unicredit’s license revocation on Sept. 26
The ruling on the licence revocation of Unicredit Savings and Loans is expected to be made by an Accra High Court on September 26. The case was brought before the court by the owners of the savings and loans company. The Bank of Ghana in its response prayed the court to quash a matter brought…