Category: Banking And Finance
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Banking crisis: Duffuor sues head of Special Investigation Team
Former Finance Minister, Dr. Kwabena Duffuor, has sued the Head of the Special Investigation Team probing the collapse of nine local banks during the banking sector crisis accusing him of harassment. He is seeking a perpetual injunction to restrain the team’s head, Edward Tabiri, from continuing in this purported harassment. According to the suit dated…
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Banking reforms: Receivers recover less than ten percent of locked GH¢16.6 billion
Receivers for the nine collapsed banks, who have been chasing customers, directors and shareholders for more than GH¢16.6 billion in locked up loans, have only been able to retrieve an amount less than eight percent more than two years after the process started. According to the governor of the central bank, the amount retrieved is…
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Cleanup of financial sector responsible for current economic stability–BoG
The Bank of Ghana (BoG) says the current financial stability being experienced in the country is as a result of the prudent way it undertook the financial sector clean. Between 2017 and 2019, the central bank embarked on an exercise that saw over 420 financial institutions including banks, microfinance companies, as well as savings and…
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Defunct Beige Bank CEO Mike Nyinaku hospitalised as judge grants bail
Former Chief Executive Officer of defunct Beige Bank MIke Nyinaku, who is currently in police custody, has been admitted at the Police Hospital in Accra after he suddenly fell ill last Thursday, January 16, 2020. He was earlier this week remanded to police custody having been arrested on charges of money laundering and stealing in…
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Renaming CFA as Eco was a unilateral decision — ECOWAS’ Finance Ministers, central bank governors declare
The Finance and Economy Ministers, as well as Governors of central banks in West Africa, have denounced the recent decision by the Ivorian President, Alassane Ouattara, to rename the CFA franc as the ECO — the name of the single currency planned for the sub-region. A communique issued after an extraordinary meeting of the group…
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First National Bank appoints Kofi Pianim as Head of Global Markets
First National Bank Ghana Limited has appointed Kofi Asare Pianim as Head of Global Markets. Mr. Pianim has a wealth of experience, spanning a period of 14 years, in global banking and markets focusing on profitable growth, regulatory and control issues as well as risk in the context of global standards. “We are excited to have…
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Quick Credit appoints Romeo Seshie as new CEO
Mr. Romeo Richlove Kweku Seshie has been appointed as the new CEO of Quick Credit and Investment Micro-Credit Limited, an over ten year-old micro credit company licensed by the Bank of Ghana. Until his appointment, Romeo Seshie was General Manager for Quick Credit and the second in command to the founder and CEO of Quick…
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No bank wanted to acquire toxic UT Bank — BoG
The Governor of the Bank of Ghana Dr. Ernest Addison has stated that before the central bank revoked the license of UT Bank, it was unsuccessful in getting a local bank to take over the reins of the Prince Amoabeng founded bank. According to him, the books of the bank were so bad that even…
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No witch hunt against UT, Capital banks – Addison
The Governor of the Bank of Ghana, Dr Ernest Addison has refuted suggestions that the collapse of both UT Bank and Capital Bank was a deliberate witch-hunt by the BoG. He says both banks were underperforming; hence the revocation of their licenses. According to the BoG boss, prior to the revocation, both parties showed an…
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Banking sector crisis: Prosecutions should be comprehensive and not delay-Prof. Gatsi
The Dean of the School of Business at the University of Cape Coast, Professor John Gatsi says the state would have to do more to win over the confidence of the public in its prosecutions of persons culpable in the banking sector crisis. Professor Gatsi explains in an interview with Citi Business that the roles…