Category: Business
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We have excess capital—Consolidated Bank Ghana
The management of Consolidated Bank Ghana Limited (CBG) has disclosed that the Bank is capitalized in excess of the 400 million cedis capital requirement announced by the Bank of Ghana. The bank which was formed by the central bank after the revocation of licenses of five banks also announced that it has opened for operations.…
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MTN finalizes modalities to pay victims of SBI ‘ponzi scheme’
MTN Ghana has announced that it has finalized modalities for the disbursement of funds to victims of Savannah Brokerage Investment(SBI) limited. This decision was taken after management of the mobile money met with the representatives of the victims of the “Ponzi scheme”, the Ghana Police and the Bank of Ghana. According to a release by…
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External Auditors also responsible for collapse of banks
The Institute of Internal Auditors Ghana, is blaming board of directors for influencing and coercing external auditors to change financial statements of banks and companies in order to make them look good. According to the institute, most external auditors sideline internal auditors when auditing their financials. The assertion comes at the back of concerns raised…
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We’ve not violated any law–Menzgold to PMMC
The lawyer for Menzgold Ghana Limited Kwame Akuffo has strongly refuted claims by the Precious Minerals Marketing Company (PMMC) that the company is not licensed to buy and sell gold in Ghana. His comments follow recent media reports by the Managing Director of the PMMC, Kwadwo Opare Hammond, that Menzgold is not licensed to buy…
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Reports on my role in Capital Bank collapse ‘incorrect’ – Ato Essien
The Director of defunct Capital Bank, William Ato Essien as described as “factually incorrect” the Bank of Ghana’s report that implicates him in the collapse of the bank. In a statement issued on his behalf by his lawyers, Ato Essien, who was the majority shareholder in the bank revealed that he has been under investigation…
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GHS23.9m money from collapsed Capital Bank legal—IFS Capital
IFS Capital Management Limited has clarified that money paid to it by defunct Capital Bank was legitimate. According to IFS Capital, the 23.9 million cedis was paid in respect to accumulated debts owed to them by the defunct bank and as such not an illegitimate payment. In a release, IFS Capital also explained that the…
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Banks collapse: BoG failed in supervision – Economist
Economist, Prof. Godfred Bokpin has said that, the Bank of Ghana (BoG) is to blame for the woes of banks in the country. Ghana is currently experiencing a period of banks’ struggles with many analysts calling for pragmatic measures to address the issue. Speaking on Eyewitness News on Wednesday, Prof. Bokpin indicated that, the BoG…
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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…