Category: Business
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Gov’t, Finatrade’s GH¢220m debt led to our collapse – Royal bank
The Royal bank is blaming the government for contributing to the bank’s woes and subsequent revocation of its license. The bank believes it would have been avoided in the consolidation had the government paid its 150 million cedis debt to the bank. A report on the Royal bank’s correspondences with the central bank to resolve…
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Inflation for July falls to 9.6 percent
Inflation for the month of July fell from 10 percent to 9.6 percent. This represents a 0.4 percentage decrease. Inflation measures the change in the general price level of goods and services over time. Speaking at a press conference, the acting Government Statistician, Baah Wadieh said the drop was due to the food component in…
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Parliament C’ttee to probe collapse of 7 banks
The Finance Committee of Parliament has scheduled a three-day hearing to probe the collapse of seven local banks in the last twelve months. “The committee has decided to hold hearings on the 5th to 7th September on the collapse of the banks here in Parliament,” the Chairman of the Finance Committee, Dr. Mark Assibey Yeboah…
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BoG sets up ethics & internal investigations office
Bank of Ghana has set up an Office of Ethics and Internal Investigations as a first line of defense in its strategy to strengthen the financial sector. This was revealed by Information Minister nominee, Kojo Oppong Nkrumah at a press briefing. Citing a four step strategy by the government to improve the financial sector, Mr. Nkrumah revealed…
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Consolidated Bank: Director for Construction bank wraps up work
One of the Directors under the newly Consolidated bank in charge of the erstwhile Construction Bank, Abenaa Kesewaa Brown is hopeful of completing her work by next month [September]. The transitional role involves assessing the defunct bank’s books, staff strength and other expenditure which will inform further decisions for the consolidation. The Construction bank announced…
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Menzgold licensed to deal in gold—company insists
Documents sighted by Citi Business News reveal that Menzgold Ghana, formerly Menzbank Ghana, a gold dealing company was licensed under the administration of the then Lands and Natural Resources Minister, Nii Osah Mills on the 22nd of August, 2016. Per the document, the company was authorized to purchase gold locally from persons holding small scale…
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Ofori-Atta hints of action against those behind banks’ collapse
Finance Minister, Ken Ofori-Atta, has said government will ensure persons responsible for the collapse of some local banks in the country will be made to face the law. He believes the collapse of these banks was not a failure on the part of the banks, but individuals who stole depositors’ funds for their personal use.…
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I wasn’t responsible for daily operations of Capital Bank – Otabil
The Board Chairman of defunct Capital Bank, Pastor Mensa Otabil, has subtly denied direct involvement in the woes of the financial institution. In his first public reaction to the development which has been a controversial subject in the media space, Mensa Otabil said his role as the chairman of the bank’s board was a non-executive…
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Former UT, Capital banks workers rejected due to stigmatization
A year after the collapse of UT and Capital banks, some workers are still battling with the stigmatization of working under a company that collapsed. The former workers tell Citi Business News they are turned away anytime they apply for a job in the financial sector due to the stigmatization. About 700 people lost their…
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Group petitions parliament over collapse of banks
A Civil Society Group, New Era Africa (NERA) has petitioned parliament to conduct a bi-partisan public enquiry into the recent banking crisis. According to NERA, the cost of seven defunct banks in the past one year will be borne by people of Ghana, hence it will prudent for the people’s representative to probe the issues…