Category: Government
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Clearing gov’t debt will strengthen us—Dr. Nduom
Chairman of Groupe Nduom, and owner of now defunct GN Bank, Dr. Paa Kwesi Nduom, says they are looking forward to an assurance by the Bank of Ghana (BoG), to help them retrieve monies owed them by government to strengthen their finances, following the downgrade of their GN Bank to a Savings and Loans Company. According to him, the bank…
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Customer wins lawsuit against Gold Coast Securities over unpaid investment
The woes of Groupe Nduom, chaired by Dr. Papa Kwesi Nduom, are far from over as an angry customer of one of their subsidiaries, Gold Coast Securities, has won a lawsuit against the fund managers. Fund manager, Gold Coast Securities, is expected to pay over GHc370,000 allegedly owed the customer, one Dr. Archibald Frederick McKenzie…
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Heritage Bank had suspicious capital source—BOG
The Bank of Ghana(BoG) has disclosed that Heritage Bank had a questionable and suspicious stated capital hence a decision to revoke the license of the bank. Addressing a press conference after completing reforms in the banking sector on January 4, 2019, Governor of the Bank of Ghana, Dr. Ernest Addison announced that “the bank’s capital…
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Minimum capital: Banks in Ghana reduced from 34 to 23
Ghana’s financial space will now have only 23 banks, down from the 34 that were operating in the country as of January 2017. This follows a cleanup of the sector by the Bank of Ghana. Many of the banks that previously operated in the country have folded up and taken over by other banks due…
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BoG revokes licenses of Premium Bank, Heritage Bank
The Bank of Ghana has revoked the licenses of Premium Bank and Heritage Bank. Speaking at a press conference, the governor of the Bank of Ghana, Dr. Ernest Addison stated that Premium Bank was highly insolvent while Heritage bank had questionable capital. The governor announced that it has appointed a receiver for the two banks,…
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BoG downgrades GN Bank to Savings and Loans company
The Bank of Ghana (BoG) has downgraded GN Bank into a Savings and Loans company. By this, the bank owned by business man Dr. Papa Kwesi Ndoum has lost its banking license. The Governor of the Bank of Ghana, Dr. Ernest Addison discloased this today [January 4, 2019] at a press conference. Dr. Addison…
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ENI gas inexpensive – Government
The government has clarified the cost of gas that it is taking from the Offshore Cape Three Points being operated by ENI is costly. According to the Ministry of Energy, the price of 40 million dollars per month cannot be possible as there have been negotiations for a drop in the price of gas from…
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Publish names of banks that have met GHS400m capital—BoG told
Some stakeholders in the banking sector are expecting the Bank of Ghana to announce the list of banks that have met the minimum capital requirement to end speculations in the sector. At the last press conference for 2018 to announce the policy rate, the governor of the Bank of Ghana, Dr. Ernest Addison stated that…
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Stanbic Bank ‘takes over’ Bank of Baroda
The Ghana unit of Standard Bank of South Africa, Stanbic Bank Ghana Limited, has absorbed customers of the local subsidiary of Indian-state lender, Bank of Baroda under an arrangement that comes at no cost to the former. Multiple sources involved in the arrangement say the transaction was sealed in the tail end of December 2018,…
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Deadline of recapitalization: Some banks still struggling to raise 400m capital requirement
Commercial Banks that have not yet met the 400 million cedis capital requirement will have up until the end of today[31st December 2019] to meet it as the deadline reaches today. The Bank of Ghana as part of measures to clean up the banking sector increased the capital requirement of banks from 120 million cedis…