Category: Banking And Finance
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Only 60 percent of vehicles are insured–NIC
The National Insurance Commission has told Citi Business News it will by the end of 2018, establish a digital system in collaboration with the DVLA to ensure that all vehicles are insured. This follows an announcement by the National Insurance Commission (NIC) that only 60 percent of cars on Ghana’s roads are insured. Speaking on…
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ADB’s trading on stock market to stagger as Belstar et al exit
Trading in shares of ADB Bank on the Ghana Stock Exchange is expected to slow down from today [July 17, 2018]. It follows the Bank of Ghana’s annulment of the shares held in ADB by four investors. The central bank has described as questionable, the processes of acquiring shares by the affected shareholders which it…
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BoG annuls acquisition of adb shares by Belstar & 3 others
The Bank of Ghana(BoG) has annulled the acquisition of shares in ADB Bank limited held by four investors. The investors are Belstar Capital, Starmount Development Company Limited, SIC Financial Services and EDC Investments Limited. A statement from the Bank of Ghana on the matter said that the order is pursuant to section 55 of the…
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Access Bank appoints new Managing Director
Access Bank Ghana has appointed Mr. Kris Ifeanyi Njoku as its new Managing Director effective June 28, 2018, who will continue to steer operations of the Bank after the receipt of a ‘no objection’ Letter from the Bank of Ghana. He takes over from Mr. Dolapo Ogundimu who managed the Bank since 2012. Until his…
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Expired contracts of bank CEOs, Board Chairs not to be renewed next year
The Bank of Ghana has renewed the enforcement of the new corporate governance rules for banks and specialized deposit taking institutions as it works to sanitize the financial sector. As a result, it has directed all affected institutions (i.e. those in existence as at March 2018), to ensure compliance else face sanctions. Part of the…
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Institute of Directors pushes for mandatory training of directors
The Institute of Directors is set to push for a mandatory training of directors for both public and private institutions. This follows the poor corporate governance practices in both private and public institutions which account for the high corruption and financial misappropriation especially in the financial sector. The Bank of Ghana has also attributed the…
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“Kwesi Nyantakyi” causes panic withdrawals at Savings & Loans Company
Management of First Allied Savings and Loans Company has expressed worry over panic withdrawals caused by reports that an alleged shareholder by name Nyantakyi is to take over the company. According to the management, the panic withdrawals occurred when suspended Chairman of the Ghana Football Association (GFA)Kwesi Nyantakyi was caught on tape over corruption allegations…
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GCB Bank joins IIA to help local business dev’t
GCB Bank and Invest In Africa (IIA) are pleased to announce the signing of an agreement that formally makes GCB Bank the newest partner of the initiative. IIA is a private sector initiative that brings together leading indigenous and international companies across sectors; actively working together to create a sustainable business ecosystem – by offering…
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Dusk Capital to raise GHȼ 500k through IPO
Indigenous investment firm and fund manager, Dusk Capital, has officially launched an IPO to raise GHȼ500,000 for its Unit Trust. The Dusk Unit Trust IPO is designed to promote investment culture amongst Ghanaians through a collective investment scheme approach. The Unit Trust is highly regulated by the Securities and Exchange Commission (SEC), managed by Dusk…
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Barclays Africa changes name to ABSA Group effective today
Barclays Africa has changed its name to ABSA Group effective today [11 July,2018]. It follows the completion of a corporate name and brand change on the Johannesburg Stock Exchange (JSE). As a result, the Bank will trade on the JSE with the new code (ABG). Speaking at the ceremony this morning in South Africa, the…