Category: News
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Nduom blames botched merger on breach of confidentiality
CEO of GN Group of companies, Dr Papa Kwesi Nduom has stated that the reason for pulling out of an initial merger that was supposed to take place between GN Bank, Sahel Sahara and Premium Bank was due to lack of confidentiality from one of the banks. In July, reports stated that the three banks…
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Banks ‘suffocating’ under Finatrade’s GH¢1bn debt
Despite assurances given by Former Finance Minister Seth Terkper that a debt owed banks by Finatrade will not create any challenges, it appears the assurance has failed as Royal Bank is partially blaming the development as a cause for the revocation of its bank’s license. The now defunct Royal Bank in a response to the…
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UT Bank collapse: Prince Amoabeng breaks one year silence
The Founder of defunct UT Bank, Prince Kofi Amoabeng has denied reports that he failed to account for 5 million cedis debt repayment to the Board which contributed to the revocation of the bank’s license in August 2017. In his major public comment after the revocation of the bank’s license over a year now, Mr.…
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Impunity caused banks’ collapse – Bright Simons
Vice President of IMANI Africa, Bright Simmons, has attributed the collapse of some banks in the country to impunity on the part of the key stakeholders at the various financial institutions. In the past year, seven local banks have collapsed. They are Capital Bank, uniBank, Sovereign Bank, Construction Bank, The Beige Bank, UT Bank and…
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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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Post harvest losses: Govt tackles issue with warehouses
The Ministry of Food and Agriculture has disclosed to Citi Business News that it has commenced processes for the establishment of fifty warehouses in the country before the end of this year, 2018. This follows an earlier promise by President Akufo Addo that government will construct a warehouse in every district of the country to…
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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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Max International to expand operations in Ghana
The CEO of Max International, Joe Voyticky has announced his intentions to expand the operations of the company in Ghana in the supply of health products. Max International, is an industry leader in the production of wellness and weight loss supplements and products, the company officially launched its operations in 2014 and has partnered close…