Category: Banking And Finance
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UT Bank collapse: Kofi Amoabeng granted GHS110m bail; his passport to be seized
The Circuit Court in Accra has granted bail to founder of UT Bank, Prince Kofi Amoabeng, who is facing charges of stealing and money laundering over the bank’s collapse. The bail granted by Justice Essandor, was in the sum of 110 million cedis with two sureties who earn not less than two thousand cedis. Mr.…
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Defunct Beige Bank CEO, Mike Nyinaku remanded
The Chief Executive Officer of defunct Beige Bank, Mike Nyinaku, has been remanded in police custody for one week. The remand follows the dismissal of a bail application by his lawyers who assured the court that he will cooperate with the ongoing trial. Though the application was not opposed by the prosecution, the Judge said…
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T-bills, bonds dominate income sources of banks – BoG report
It is emerging that banks are still accruing a large percentage of their income from their investments in various securities. The latest banking sector report released by the Bank of Ghana disclosed that this component of income increased to 44.8 percent in October 2019 from 42.9 percent in October 2018. The Bank of Ghana’s industry…
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PEF urges payment of locked up funds after assurance from Prez Akufo Addo
Chief Executive Officer of the Private Enterprise Federation, Nana Osei Bonsu has charged President Akuffo Addo to follow up with the assurance of ensuring the central bank settles businesses who have their monies locked up in collapsed financial institutions. He says the government must, as a matter of priority, ensure locked up cash is within…
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Cal Bank announces new CEO and four other appointments
CalBank has announced the appointment of Philip Owiredu as its Chief Executive Officer taking over from Frank Adu Jnr, who retired from the position after nearly three decades in the banking industry. A statement released by the bank on the appointment highlighted that, specifically, Mr. Owiredu’s wide experience in the banking sector has earned him…
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Enforce banking regulations to strengthen sector – Dr. Richmond Atuahene
The Bank of Ghana has been challenged to enforce its regulations without fear or favour in 2020 and beyond to ensure the sector continues on its current path of growth. According to Banking Consultant, Dr. Richmond Atuahene, this will ensure that Ghana’s banking sector becomes one of the best in the West African Sub-region. The…
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Banking reforms responsible for 17.1 percent rise in banks’ deposits – BoG report
It is emerging that Ghanaians are renewing their confidence in the banking sector following the clean up carried out by the Bank of Ghana over the past two years. This is evident in the deposits recorded by commercial banks for the period ending October 2019. According to the regulator, deposits, which is a major source…
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Frustrated Menzgold customers to petition international community over locked up funds
The Coalition of Aggrieved Customers of Menzgold has reiterated its intention to appeal to the international community to help with the retrieval of their locked up investment. The company since its collapse in 2018 following a suspension order from the Securities and Exchange Commission, has been struggling to refund monies invested by its customers. A…
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Absa Group names Aaron Mminele as CEO
Absa Group Limited has appointed Aaron Daniel Mminele as Group Chief Executive of Absa Group, effective from January 15, 2020. Mminele will be taking over from René van Wyk, who has been leading the bank on an interim basis since Maria Ramos’ retirement in February 2019. In a statement, the Chairman of the Absa Group…
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ADB gets approval to raise GH¢127 million from GAT
The Agricultural Development Bank (ADB) has announced that it has received approval to issue in excess of 39 million ordinary shares to the Ghana Amalgamated Trust (GAT) to raise GH¢127 million in order to help meet its minimum capital requirement. This is in fulfillment of ADB’s recapitalization of four hundred million cedis required of commercial…