Category: Banking And Finance
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Banks record GH¢1.1 billion in profits; up 38.9 percent
The 24 banks, currently operating in the country, registered an after-tax profit of GH¢1.1 billion, representing year-on-year growth of 38.9 percent compared with 5.8 percent growth for the same period last year. The profit margin is remarkable growth, after the clean-up of the banking industry. Majority of the profits were recorded largely by the tier-one…
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Beige Village and other Mike Nyinaku properties being chased by receiver, Nii Amanor Dodoo
The receiver for the defunct Beige Bank, Nii Amanor Dodoo, is going after the company’s ex-Chief Executive, Mike Nyinaku, as well as some 12 companies which directly benefitted from proceeds from the failed bank. A writ filed at the Accra High Court by the receiver also attached a number of landed properties as well as…
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Receiver drags ex-Beige Bank CEO to court over properties acquired with proceeds from defunct bank
The Receiver of the defunct Beige Bank, Nii Amanor Dodoo, has gone to court to retrieve about GH₵1billion from the Chief Executive Officer (CEO) of the bank, Micheal Nyinaku and 12 of his subsidiary companies. The writ which was filed at the Accra High Court is also seeking an order to take over several landed…
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Bank of Ghana lines up minimum capital requirements for MoMo companies
The Bank of Ghana has indicated that it will soon announce a new minimum capital requirement for institutions that want to enter the business of mobile money operations. The central bank added that existing mobile money companies and other organisations already offering the service will be given some time to meet the new requirement while…
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Ghana’s petroleum revenue must be utilized judiciously — PIAC
There is the need for more judicious use of revenue generated from Ghana’s petroleum sector for accelerated economic growth, Dr. Stephen Manteaw, Chairman of the Public Interest and Accountability Committee (PIAC), has said. “It is important that we set our priorities right in order to fully harness potentials in the sector,” he said. …
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BoG endorses merger between Access Bank and Diamond Bank, Nigeria
The Bank of Ghana has endorsed a merger between Access Bank and Diamond Bank in Nigeria. By this, Access Bank has penetrated 7 African countries and three continents including Asia, Europe and Africa. The two banks received regulatory approval to merge in April this year. Managing Director of Access Bank, Olumide Olatunji in an interview…
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Anthony Sarpong appointed as new KPMG Senior Partner
Anthony K Sarpong has been appointed as the Senior Partner of KPMG in Ghana, with additional jurisdiction over the firm’s business in Sierra Leone, Liberia and The Gambia. Mr. Sarpong’s appointment takes effect from 1 October 2019. He succeeds Nii Amanor Dodoo who retires from the firm on 30 September 2019 after six years at…
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Banks to start operating MoMo points directly from July–BoG
The Bank of Ghana (BoG) is predicting stiffer competition as banks prepare to directly operate mobile money(MoMo) vending points through the Electronic Payment and Financial Services law from July 2019. By this, banks in the country will be allowed to brand specific points to render mobile money services. Speaking to Citi Business News on the…
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Consolidated Bank unveils new tagline ahead of first anniversary
Consolidated Bank Ghana (CBG) has launched a tag line “We stand with you” to reaffirm the bank’s commitment towards satisfying the needs of their customers. The launch of the tag line comes a year since the bank was formed by the government to manage the assets of some five collapsed banks. The tag line also…
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Consolidated Bank parts ways with over 2,000 workers of collapsed banks
The Consolidated Bank Ghana has said that it has had to lay off more than 2,000 workers of the collapsed Beige Bank, Royal Bank, Sovereign Bank, Construction Bank and Unibank Ghana Limited. The affected workers included both permanent and temporary staff. The workers reportedly lost their jobs after a reemployment exercise carried out by the…