Category: Banking And Finance
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Consolidated Bank set to migrate its systems onto a single platform
Consolidated Bank Ghana (CBG), has created a single banking application platform, to enable it deliver homogenous services to customers across all its branches. CBG inherited different versions of the core banking application and a myriad of supporting applications and interfaces from the banks whose operations it assumed. To enable it deliver customer service the bank…
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Four audit companies sanctioned over banks collapse — Member of Big 4 included
The Institute of Chartered Accountants, Ghana (ICAG) has sanctioned three local auditing firms and a foreign one for non-compliance with auditing standards in the collapse of seven banks, Citi News has gathered. The sanctions come after the Professional Standards and Ethics Committee of the Institute investigated the roles of the auditors of seven local banks…
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High Court adjourns Unicredit’s case against BoG to September 19th 2019
The High Court has adjourned the suit involving the shareholders of defunct Unicredit savings and Loans company limited and the Bank of Ghana over the revocation of the license of the company. The court adjourned the case to 19th September. This follows the inability of the Bank of Ghana to serve lawyers of Unicredit with…
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Cyber fraudsters attempt stealing GH¢329.7mn from banks — new BoG report
The Bank of Ghana’s 2018 report on fraud in the banking sector has revealed that cyber fraudsters attempted to steal at least GH¢325.9 million from financial institutions operating the country. The report prepared by the Financial Stability Department of the central bank and sighted by Citi Business News stated that the amount involved represents a…
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Banks lose GH¢19.1mn to theft committed by own employees — new BoG report
A Bank of Ghana report on banking fraud in the country has revealed that there is a growing number of employees of banks either stealing from customers or from their employers. The report prepared by the Financial Stability Department of the Bank of Ghana stated that in 2018, more than 2,170 cases of fraud were…
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Nduom takes on BoG, Ofori-Atta over GN Savings and Loans collapse
The Chairman of Groupe Nduom, Papa Kwesi Nduom has sued the Bank of Ghana; Finance Minister, Ken Ofori Atta; Attorney General, Gloria Akuffo; and receiver for GN Savings and Loans, Eric Nana Nipah. Mr. Ndoum wants the court to among other things quash the decision of the Bank of Ghana to revoke the license of…
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Fraud in banks increase by more than 50 percent — Bank of Ghana
The number of fraud cases reported by commercial banks in the country in 2018 has increased by 50 percent from the figure recorded in 2017, according to a Bank of Ghana report sighted by Citi Business News. According to the report, the banking industry reported a total of 2,175 fraud cases as compared to 1,418…
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BoG not collapsing rural and community banks — ARB Apex Bank denies viral ‘malicious’ message
The ARB Apex Bank has asked the public to disregard a message making the rounds that the central bank will soon revoke licenses of rural and community banks. According to the press release, a malicious audio message circulating on social media platforms including WhatsApp is purporting that Bank of Ghana has plans to withdraw the…
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Seth Terkper writes: Budget Performance and Fiscal Complacency
The 3-part Article, under the general heading of “Fiscal Complacency”, discusses specific issues arising from the Mid-Year Review, including some that have been on the radar since the presentation of 2017. The headline item is the fiscal deficit rising above 7 percent when all banking sector bailout and capitalization costs are taken into account. Issues…
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ADB set to raise GH¢127 million to meet BoG minimum capital requirement
The shareholders of Agricultural Development Bank have voted to allow the bank to raise GH¢127 million to enable it to meet the minimum capital requirement set by the Bank of Ghana. This will be made through the private placement of shares with the Ghana Amalgamated Trust PLC which has been mandated to assist some five…