Category: News
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Dr. Paul Acquah is Chairman of Ghana’s Fiscal Council
President Nana Addo Dankwa Akufo-Addo has appointed former Governor of the Bank of Ghana, Dr. Paul Acquah as Chairman of the newly established Fiscal Council. President Akufo-Addo established by Executive Instrument the Fiscal Council and Financial Stability Council in December 2018. The Financial Stability Council is to enhance the stability and soundness of the financial…
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Amalgamated Trust arrangement not bailout for banks – Gov’t
The five banks being cushioned under the Ghana Amalgamated Trust (GAT) arrangement must not consider the support they are receiving as a bailout programme. The Finance Ministry, which gave the caution in a statement released on Saturday emphasized that: “the GAT arrangement is to support solvent and strong indigenous banks to meet the new minimum…
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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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Immeri launches in Ghana
Immeri has officially set its foothold in Africa as it launches its first African branch in Accra, Ghana, commencing its launch. Attended by over 500 participants, 40 VIPs, graced by the presence of the Minister of Health, Hon. Kwaku Agyaman-Manu and the President & CEO of Titi-Ofei Group, Bishop Gideon Titi-Ofei, along with the Immeri…
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President establishes Fiscal Responsibility & Financial Stability Councils
The President has granted approval for the creation of a Fiscal Responsibility Advisory and Fiscal Stability Advisory Councils. The two major Councils are to offer independent advice on fiscal responsibility and ensure the stability of the entire financial system. Their advice will cover areas such as banking, pensions and fund / asset management, insurance, etc.…