Category: Banking And Finance
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Economy, banking crisis affected MTN IPO performance
Investment banker, Alhaji Mahama Iddrisu has cited the current banking crisis as well as what he describes as wrong timing as basis for MTN’s inability to reach its target for the Initial Public Offering (IPO). Though he qualifies the subscription as satisfactory, Mr. Mahama Iddrisu believes the offer had the potential to have performed better.…
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Economist blames poor data for high redundancy over bank collapse
Economist Prof. William Baah Boateng has attributed the many challenges and developments in the banking industry to what he describes as the lack of reliable data to monitor activities in that sector. The lack of reliable data in his view, is a major hindrance in arriving at proper decisions to address the impact of the…
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adb gets new Board of Directors
A new Board of Directors has been inaugurated for adb. The number of directors had dropped following the annulment of four institutional shareholders in the bank by the Bank of Ghana, last month. The four companies are; Starmount Company Limited, EDC investment, SIC Financial Services as well as Belstar Company limited. According to the central…
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Customers frustrated over inaccessibility to cash at Beige bank
Fixed deposit account holders of defunct Beige bank are still unable to access their matured investments from the company. The issue comes despite the expiration of the ten day suspension of withdrawals from the said accounts. The Managers of the Consolidated bank on August 9, 2018 put a hold on all withdrawals of fixed deposit…
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Consolidated Bank slashed our allowances by 60% – Former Beige employee
A former staff of defunct BEIGE Bank, has revealed that Consolidated Bank Ghana Limited slashed their allowances by over 60 percent. Speaking on the Citi Breakfast Show on Tuesday, she said they were shocked when they found out that such a considerable margin had been slashed from their allowances. “Our salaries were paid. We were…
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Fidelity Bank excites customers with ‘Switch & Smile’ campaign
In their quest to give more value to existing and potential customers and put smiles on the faces of their customers, Fidelity Bank, Ghana’s largest privately owned Bank, has unveiled an exclusive value-driven campaign dubbed ‘Switch & Smile’. The ‘Switch & Smile’ Campaign which is aimed at making salary accounts attractive and valuable, will run…
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Ecobank meets GH¢400 minimum capital
Ecobank Ghana has announced that it has met the Bank of Ghana’s new minimum capital requirement for banks. The bank achieved this by transferring 190 million cedis from its income surplus to the stated capital. This means that its capital is now at 416.6 million cedis. Ecobank initially declared at its AGM in May 2018…
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Banking consultant advises bankers over poaching
The culture of aggressively recruiting talented employees from competitors also known as poaching in the banking sector, is expected to continue despite the ongoing crisis in the industry. That is the assertion of Banking Consultant Nana Otuo Acheampong. With as many as 15 banks still striving to meet the deadline for the Central Bank’s minimum capital requirement…
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‘Excess’ staff of Consolidated bank to get alternative jobs
Deputy Finance Minister, Charles Adu Boahen has disclosed of an ambitious plan by the government to address issues of redundancy with the consolidation of five local banks. He explains that the government is working to reduce the number of workers who may be laid off for one reason or another, when the processes of consolidation…
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Stabilization Fund records over $300m
The Stabilization Fund has accrued monies in excess of $300 million by the end of the first quarter of 2018. According to a report released by the Bank of Ghana, the fund had a closing book value of $428,662,005.05 at the end of the first half of the year. This means that the fund had…