Category: Banking And Finance
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Revealed: How BoG caught its staff collecting GH¢410,000 bribe in multibillion mobile money contract
The Bank of Ghana on Friday announced that it has dismissed a staff who took bribes to facilitate an award of a mobile money interoperability contract to Sibton Switch. According to the central bank, its employee Gilbert Addy who was the project manager for the interoperability project collected as much as GH¢410,000.00 in bribes and…
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BoG fires staff for collecting bribe in GH¢4.6 billion mobile money interoperability contract
The Bank of Ghana has today dismissed an Official, Mr Gilbert Addy, for gross misconduct in relation to corrupt transactions and for accepting bribes in connection with the award of a contract to Sibton Switch Systems Limited in 2016 by the previous Management of the Bank of Ghana (BoG). A release issued by the central…
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Receiver issues ultimatum for customers of collapsed MFIs to submit claims
Customers of the collapsed 347 microfinance companies who could not submit their claims for their locked-up funds have been granted more time to do so by the receiver, Eric Nana Nipah. According to a notice issued by the receiver, the customers now have up to Friday 27th September 2019 to submit their claims for validation.…
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BoG pegs minimum capital for Mobile Money companies at GH¢20 million
The Bank of Ghana has pegged the minimum capital required for operating a mobile money company at GH¢20 million. The latest directive comes on the back of the recently passed Payment Systems and Services Act, 2019 (Act 987) which provides a legal and regulatory framework for the orderly development of the country’s payment system. The…
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Customers of collapsed S&Ls must submit claims by close of day — Receiver
Customers of the savings and loans companies, as well as Finance Houses that recently had their licenses revoked, have until close of the day to submit documents needed to be reimbursed their locked up deposits or investment. The receiver of the collapsed financial institutions, Eric Nana Nipah of the Pwc had earlier published that customers…
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Dr. Nduom reacts to news of resignation from Gold Coast Brokerage
Dr. Papa Kwesi Nduom has responded to media reports he is resigning from “Gold Coast”. Below is the response he sent out on Wednesday evening. Nduom Resigns From Gold Coast? My attention has been drawn to a story making the rounds about me resigning from Gold Coast. I am aware that anything “Gold Coast” has…
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Banking reforms beneficial for industry — Alan Kyerematen
Trade and Industry Minister Alan Kyerematen has described the reforms in the financial sector as a key measure that will help local businesses to be competitive. According to him the move by the Bank of Ghana to collapse some banks has strengthened existing banks and made them well-capitalized to provide the needed financial support for…
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Ghana moves up in latest anti-money laundering ranking
A new anti-money laundering and terrorist financing report published by Swiss-based Basel Institute of Governance has seen Ghana moving up six places. Last year, Ghana ranked 66th out of 125 countries in the Anti Money Laundering Index. But with a score of 5.29, the country jumped to 60th position in the latest rankings released by…
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We’ve built the foundation for a world-class bank — CBG MD
The Managing Director of Consolidated Bank Ghana (CBG), Daniel Wilson Addo, has said the Bank has laid a foundation for a world-class bank to become e a monument for all time. CBG was formed to take over the operations of five banks whose licenses were withdrawn because they faced insolvency challenges. A statement issued after…
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Billionaire Jack Ma steps down as Alibaba chairman
Jack Ma, bids goodbye to Alibaba, the company he founded in 1999 and now worth more than $460 billion. Ma will leave his position as Chairman of the Board on September 10, on the occasion of his 55th birthday. The businessman, who is considered one of China’s richest personalities, plans to invest his fortune in…