Category: Banking And Finance
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Licensing banks without regulation allows stealing – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has said the acquisition of a banking license without regulation becomes a license for financial institutions to steal from the state and depositors. Justifying government’s actions in the banking sector at the Danquah Institute Forum in collaboration with Citi FM on the theme, ‘The Banking Clean Up, Are Depositors Safe?’, …
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Gov’t still focused on merging adb, NIB banks—Ofori-Atta
Finance Minister Ken Ofori-Atta has reiterated that government is focused on merging the adb Bank and the National Investment Bank(NIB). The Finance Minister announced in the 2018 budget presentation last year that government was considering merging adb and NIB banks to serve industry and the agriculture sectors. Reports on the merge has been low as…
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Citi FM, Danquah Institute forum to discuss collapse of banks
The Danquah Institute, a public policy research centre, in collaboration with Citi FM will today host a special panel discussion at Alisa Hotel to look at the recent collapse of banks in the country. Special guest of honour will be the Finance Minister, Ken Ofori-Atta. The forum which will be moderated by Citi FM’s Bernard…
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Dr. Duffuor sues BoG over revocation of Unibank’s license
A major shareholder of defunct uniBank, Dr. Kwabena Duffuor has sued the Bank of Ghana over the revocation of the license of uniBank. To this end, he has filed a suit at the Accra High Court seeking an injunction on the Bank of Ghana’s processes of consolidating five local banks. Dr. Duffuor is seeking that the…
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‘Our system blocked 2017 fraud attempt’—Cal Bank
Indigenous Bank, Cal Bank has assured its customers that the bank has strong security system that detect and stop any form of fraudulent transfer of funds. The assurance comes after a recent report circulating in the media and on social media about an attempted fraud of over GHS110m in 2017 on Cal Bank. According to…
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Experts speak on banking sector clean up
Special Guest Speaker: Ken Ofori-Atta, Minister for Finance Seven Ghanaian banks have collapsed since August 2017, after the Bank of Ghana, working with the Ministry of Finance, embarked on a comprehensive clean-up exercise in a bid to repair, restructure and strengthen the banking sector. As Ghanaians continue to express grave concerns about the loss of…
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Compliance level for banks’ recapitalisation risky – Economist
Economist, Dr. Lord Mensah has described as quite disappointing, the number of banks that are yet to meet the minimum capital requirement. According to him, the development shows how most of the banks are struggling to meet the deadline by end of year [2018]. “It is quite disappointing because banking operations is basically sourcing for…
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BoG gives “No Objection” to OmniBank, Sahel Sahara bank merger
OmniBank and Sahel Sahara Bank have received a “No Objection” letter from the Bank of Ghana (BoG) as part of the processes required for a merger. By this, the central bank has given the permission to the two banks to commence the necessary processes that will lead to the merger. According to Omni Bank, the…
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Shareholders of uniBank unhappy with leaked KPMG report
The shareholders of erstwhile uniBank have expressed disquiet about a purported KPMG Report on the bank in the public domain. According to the shareholders, attempts to secure a copy of the report from the Bank of Ghana has proved futile even though the document is reported to be in the possession of some people. The…
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Over a dozen banks yet to meet GH¢400m minimum capital
At least fifteen (15) banks are yet to announce their position on meeting the new minimum capital requirement with four months to the deadline. This is because Citi Business News’ analysis has shown that six (6) banks have reached the target with seven (7) others undertaking various measures to recapitalize. The six banks include; the…