Category: Banking And Finance
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How Capital Bank managers used BoG cash to establish Sovereign Bank
The management of now-defunct Capital Bank used liquidity support given by the Bank of Ghana as capital to secure a license for another collapsed bank, Sovereign Bank. The report cites an emergency board and Executive Committee meeting on October 13, 2015, which notes concern with the manner in which the Ghc 610 million liquidity support…
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Amoabeng hid GHC 5m loan payment from UT Board – Report
An investigative report into the operations of now-defunct UT and Capital Banks has revealed that some payments were made to former Chief Executive Officer and Director of U.T Bank, Mr. P.K Amoabeng from a loan defaulting entity, Kofi Jobs Limited. The loans which amounted to GHC 5m were never disclosed to the Board of the…
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Capital Bank Board squandered BoG cash – Report
The then-Board Chair of the now-defunct Capital Bank, Dr. Mensa Otabil is suspected to have been party to the misuse of liquidity support given the bank by the Bank of Ghana (BoG), according to an investigative report sighted by Citi News. The report cites an emergency board and Executive Committee meeting on October 13, 2015, over…
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NIC approves take over of Esich Assurance
The National Insurance Commission (NIC) has approved a takeover of Esich Life Assurance by a foreign company. The process is to be completed by the end of this month, August 2018. The decision follows the company’s inability to solve liquidity challenges it has been facing, which has also affected the payment of claims to clients.…
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Bank of Ghana’s warning ‘unfortunate’ – Menzgold
The management of trading company Menzgold Ghana Company Limited has expressed grave concerns over the Bank of Ghana’s (BoG) threat of taking punitive actions against them. The company said the BoG’s warning was ‘unfortunate.’ The central bank had indicated that it was moving against Menzgold. According to the regulator, Menzgold, which is known as a…
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KPMG exonerates itself from Unibank, Royal bank awards
Auditing firm, KPMG has dismissed media reports suggesting that it has a role to play in the 2017 Banking awards in which some of the five collapsed local banks were rewarded. The comment also follows the appointment of KPMG to assist the Bank of Ghana as a receiver of the collapsed banks. According to KPMG,…
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Menzgold not licensed for deposits, sanctions on the way – BoG
The central bank has indicated that it will soon take punitive measures against Menzgold Ghana Company Limited. According to the Bank of Ghana (BoG) Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits. Menzgold is currently operating with a license granted it by the Minerals Commission and the…
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Barclays bank meets GH¢400m minimum capital
Barclays Bank Ghana Limited has stated that it has met the 400 million cedis minimum capital requirement. The Board Chairman of Barclays Bank Ghana, Charles Cofie disclosed this in a statement on Absa Group’s first half results for this year [2018]. According to him, Barclays was among the first banks to meet the target without…
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Absa Group’s income hits $2.3bn
Absa Group has announced that its income increased by three percent for the first six months of this year (2018). The group’s revenue increased to 37 billion Rand or 2.8 billion dollars between January and June 2018. A statement on the bank’s financial position to Citi Business News also said that major earnings for the…
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Money laundering: BoG places GH¢60,000 fine on banks, others
Banks and Specialised Deposit Taking Institutions (SDIs) that fail to comply with the central bank’s Anti-Money Laundering regulations risk paying as much as sixty thousand cedis (GH¢60,000) in fine beginning this month. This follows the implementation of the Bank of Ghana’s laws on Anti-Money Laundering (AML). The document also comes days after a foiled cyber…