Category: Business
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BoG finalizing report on UT, Capital banks collapse
The Bank of Ghana (BoG) has stated that it is finalizing a report that will explain the causes of the collapse of UT Bank and Capital Bank. The central bank closed down UT Bank and Capital Bank in August last year to protect the banking system from collapsing due to the distress nature of the…
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Panic withdrawals hit uniBank despite assurances
Citi Business News‘ checks across Accra in the early hours of Wednesday, March 21, 2018 indicated that there is panic withdrawal among customers of Unibank following the takeover. Some of the customers who spoke to Citi Business News said they fear they may lose their investments should they not withdraw them now. “I am coming…
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Key agencies to help BoG investigate Unibank
The Bank of Ghana (BOG) is to rope in key agencies to aid with investigations as it begins audit of Unibank following its takeover by KPMG. The Second Deputy Governor of the Bank of Ghana Elsie Awadzi speaking on the Citi Breakfast Show said the central bank will go beyond the administration of Unibank to…
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10 things to know about the uniBank takeover [Infographic]
uniBank is once again dominating the news after the Bank of Ghana announced that it had taken over the management of the indigenous bank and appointed KPMG to run it. As the story unfolds, here are 10 points to keep note of, including the fact that uniBank failed to comply with a directive of the Bank of…
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uniBank takeover: Deposits are safe – BoG
The Bank of Ghana (BoG) has assured customers of indigenous local bank, uniBank, that their deposits will remain safe despite a takeover of the bank’s assets and management. “The Bank of Ghana takes this opportunity to reassure customers of UniBank that all deposits they have with UniBank are, and will remain safe, and that they can…
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Unibank takeover: Analyst urges audit of banks’ risks to loan default
Some economists are advocating an immediate audit into the risks faced by commercial banks in retrieving loans given to their customers to avert a collapse of the financial industry. The suggestions follow the Bank of Ghana’s decision to allow KPMG takeover the management of uniBank over their low capital levels. It is unclear what sanctions…
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10 reasons why BoG took over uniBank
The Bank of Ghana (BoG) today, Tuesday March 20, 2018, announced that it has taken over the management of uniBank, by appointing an administrator, KPMG, to run the indigenous bank. According to the central bank, it took the decision to save uniBank from collapse. Here are the 10 major reasons why the central bank took…
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BoG takes over management of uniBank
The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank. This means that the central bank has taken over the assets and management of uniBank. The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest…
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We’re not aware of merger with adb— NIB Board Chairman
The Board Chairman of National Investment Bank(NIB), Togbe Afede the Fourteenth (XIV) has disclosed that government has not approached the company to propose any merger between NIB and the Agricultural Development Bank (adb). The revelation comes as a surprise as the Finance Minister earlier announced in the 2018 budget presentation in parliament that government intends…
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Ship Owners demand explanation on fumigation exercise at ports
Members of the Ship Owners and Agents Association of Ghana are calling on government to come clear on the modalities of the Cargo Fumigation Exercise. This comes after various associations including the Ghana Union of Traders Association (GUTA), and Ghana Institute of Freight Forwarders (GIFF) kicked against the exercise, stating that, it will add to…