Category: Banking And Finance
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Standard Bank initiative connects African businesses to China
Standard Bank, the parent bank of Stanbic Ghana, has launched an initiative dubbed: “African China Agent Proposition” (ACAP) aimed at assisting African importers to source and validate quality goods from competitive suppliers in China. The initiative is expected to ease the cash flow of African importers by providing access to financing while empowering them…
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420 workers of UT, Capital banks lost their jobs after GCB takeover — GCB MD
GCB Bank has told Citi Business News a total of 420 workers lost their jobs after it took over the defunct UT and Capital banks two years ago. This was after the workers did not meet the requirements set by the bank. The disclosure was made when the company took its turn at the Facts…
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Cal Bank adopts agency banking for expansion
CAL Bank has disclosed its new strategy to resort to agency banking to meet the changing phase of banking in Ghana. As a result, the bank says it will reduce the construction of brick and mortar structures which should help in optimizing cost while improving on its service delivery. The Managing Director of Cal Bank,…
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HR Focus partners Standard Chartered to launch finals of HR Focus Business Challenge
HR Focus in partnership with Standard Chartered has launched the final phase of this year’s HR Focus Business Challenge at the Bank’s head office. Eight universities are competing in the Business Challenge which seeks to unearth the entrepreneurial potential and create an avenue for shared learning among students. The 5-month long challenge will give university…
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Banks collapse: Only GHS731 million out of GHS10.1 billion loans recovered — Governor
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that out of the GHS10.1 billion loans taken on by the receivers of the nine banks, only GHS731 million has so far been recovered. Dr. Addison said the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks…
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First Atlantic Bank writes to Labour Department over redundancy concerns
The Management of First Atlantic Bank has clarified that it is ready to meet all demands to be inquired of the bank by the Labour Department in respect of the redundancy exercise at the bank. A response from the bank to the Chief Labour Officer and sighted by Citi Business News said that it is…
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Bank of Ghana could have handled the banking reforms better — Mahama
Former President John Dramani Mahama has stated that the current government could have handled the banking sector crisis in a much better way. He believes setting a minimum capital for all banks to meet was not the best solution especially as all banks play various roles in the economy. A total of nine banks lost…
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Delays in resolving financial issues in court affecting banks—Bankers Association
The Ghana Bankers Association is calling on the Judicial Service to expedite the adjudication of financial cases. According to the association, slow judicial processes have partly contributed to the high non-performing loans in the country. The Ghana Bankers Association laments that one of the major factors that led to the challenges in the banking sector,…
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IACG addresses misconceptions on insurance claims payment
The Insurance Awareness Coordinators Group (IACG) an organization formed by stakeholders in the insurance sector to help address challenges has told Citi Business News there are new ways to report insurance companies that fail to pay claims promptly. The level of insurance penetration in Ghana is very low compared to other subsectors in the financial…
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BoG’s new regulations will help grow local banks—CAL Bank
The Executive Director of CAL Bank, Philip Owiredu has stated that the implementation of new rules by the Bank of Ghana(BoG) will help banks, especially local banks to grow. He maintained that the implementation of the Basel II and III regulations are a step in the right direction that will enhance corporate governance as well…