Category: Banking And Finance
-
Henry Baye appointed Standard Chartered Bank CEO in Jersey
Standard Chartered Bank has appointed a new Chief Executive Officer in Jersey, subject to regulatory approval. The Bank says Henry Baye brings with him 22 years’ experience across Distribution, Wealth Management and Personal Lending. Most recently he was Head of Retail Banking, Ghana and West Africa. Commenting on his new role, he said: “Our Jersey…
-
Banking sector gets GH¢1.5 billion fresh capital injection– PwC survey
The banking sector received about GH¢1.5 billion in fresh capital last year as banks moved to meet the Bank of Ghana’s December 31, 2018 deadline to meet the minimum capital requirement, a PwC survey has shown. The BoG’s directive to the banks provided three sources of meeting the GH¢400 million minimum capital requirement. The banks…
-
Bank of Ghana unveils redesigned website tomorrow
The Bank of Ghana has announced that it is replacing its current website with a redesigned one effective tomorrow, 10th September 2019. According to the central bank, the new website will improve the user experience by being more consumer-focused and also features a sleek new design, improved functionality and enhanced banking content. In a press…
-
Attorney General to begin prosecution of shareholders, directors of collapsed banks
The Senior Minister Yaw Osafo Maafo has stated that the Attorney General will soon take legal actions against some specific individuals whose actions led to the banking crisis over the past 2 years. Mr. Osafo Maafo stressed that owners of some of the default banks who took depositors money out of the country without following…
-
High Court advises Receiver to stay off GN Savings and Loans
The High Court has advised lawyers for the Bank of Ghana not to undermine the current injunction suit against the revocation of the license of GN Bank. The judge justice Koomson who gave the caution said the due to the pending application, all action or processes being undertaken must be put on hold till a…
-
Banking sector clean up boosted public’s confidence in sector — Top bankers
A survey on the country’s banking reform sector revealed that 55 percent of respondents welcomed the revocation of banking licenses, saying the measure would engender public confidence and increase investment in the medium to long term. Some banks, especially multinationals feel that they had not experienced any real change to their business, even though 45…
-
PwC backs BoG’s call for specialised courts to deal with banks’ resolution matters
PricewaterhouseCoopers has backed the calls by the Bank of Ghana boss Dr. Ernest Addison for the Chief Justice to establish special courts to deal with issues arising from the central bank’s resolution of some failed banks. The central bank governor has lamented that some directors among others of some of the erstwhile banks have resorted…
-
Why Deloitte & Touche were fined heavily by ICAG over audits of collapsed banks
On Tuesday, September 3, 2019, the Institute of Chartered Accountant, Ghana fined some four audit firms for some unprofessional practices in their audit of the books of some five banks that were collapsed by the central bank. The four auditing companies were Deloitte & Touche, PKF Chartered Accountants, J. Mills Lamptey & Co. and Morrison…
-
Mobile money records growth as cheques witness drop in patronage – BoG report
The total value of mobile money transactions for the first six months of this year reached 140.2 billion cedis, up from the 104.6 billion cedis recorded in the same period in 2018. Data released by the Bank of Ghana shows that this represents a 34 percent rise in the value of transactions recorded for the…
-
Four audit firms fined GH¢2.2 mn for roles in banks collapse
The Institute of Chartered Accountants (ICAG) has sanctioned four audit firms for shortfalls in their professional duties to comply with the required International Auditing Standards. ICAG has therefore fined the four auditing firms a total over GH¢2.2 million. The breakdown includes Deloitte & Touche – GH¢1,150,000, PKF Chartered Accountants – GH¢550,000, J. Mills Lamptey &…