Category: News
-
Allow foreigners to trade in retail sector–GUTA
The Ghana Union of Traders Association (GUTA) has resolved to allow foreign retailers in the Suame Magazine in Kumasi to operate today (August 15). According to GUTA, the decision is to create peace and harmony between traders in the ECOWAS region operating in Ghana’s retail market while government takes steps to remove the foreign traders…
-
Consolidated Bank: Director for Construction bank wraps up work
One of the Directors under the newly Consolidated bank in charge of the erstwhile Construction Bank, Abenaa Kesewaa Brown is hopeful of completing her work by next month [September]. The transitional role involves assessing the defunct bank’s books, staff strength and other expenditure which will inform further decisions for the consolidation. The Construction bank announced…
-
Menzgold licensed to deal in gold—company insists
Documents sighted by Citi Business News reveal that Menzgold Ghana, formerly Menzbank Ghana, a gold dealing company was licensed under the administration of the then Lands and Natural Resources Minister, Nii Osah Mills on the 22nd of August, 2016. Per the document, the company was authorized to purchase gold locally from persons holding small scale…
-
Ofori-Atta hints of action against those behind banks’ collapse
Finance Minister, Ken Ofori-Atta, has said government will ensure persons responsible for the collapse of some local banks in the country will be made to face the law. He believes the collapse of these banks was not a failure on the part of the banks, but individuals who stole depositors’ funds for their personal use.…
-
I wasn’t responsible for daily operations of Capital Bank – Otabil
The Board Chairman of defunct Capital Bank, Pastor Mensa Otabil, has subtly denied direct involvement in the woes of the financial institution. In his first public reaction to the development which has been a controversial subject in the media space, Mensa Otabil said his role as the chairman of the bank’s board was a non-executive…
-
Former UT, Capital banks workers rejected due to stigmatization
A year after the collapse of UT and Capital banks, some workers are still battling with the stigmatization of working under a company that collapsed. The former workers tell Citi Business News they are turned away anytime they apply for a job in the financial sector due to the stigmatization. About 700 people lost their…
-
Group petitions parliament over collapse of banks
A Civil Society Group, New Era Africa (NERA) has petitioned parliament to conduct a bi-partisan public enquiry into the recent banking crisis. According to NERA, the cost of seven defunct banks in the past one year will be borne by people of Ghana, hence it will prudent for the people’s representative to probe the issues…
-
![One year on; Receiver still pursuing UT, Capital cash [Audio]](https://citibusinessnews.com/wp-content/uploads/2018/04/Vish-Ashiagbor-2-1.jpeg)
One year on; Receiver still pursuing UT, Capital cash [Audio]
Interested parties to benefit from proceeds of the disposal of assets and liquidation of same of defunct UT and Capital banks may have to wait a little longer. This is because the Joint Receiver for the defunct UT and Capital banks, Pricewaterhouse Coopers has stressed that the processes, majority of which are legal, could take…
-
Capital bank collapse: Ato Essien, two others owed GH¢79.9m
An internal report on the erstwhile Capital bank has shown that the bank’s founder, William Ato Essien and two others, were indebted to the bank to the tune of 79.9 million cedis (GH¢79,937,812) as at the time the bank collapsed. This represented about 60 percent of the total Third Party Funds. The report mentioned William…
-
‘Menzgold not licensed to sell gold in Ghana’
MenzGold Ghana Limited which has recently courted controversy over its operations was licensed solely to buy gold in Ghana and export to other countries. The company, which was given its license as MenzBanc Ghana Limited in the agreement document sighted by citinewsroom.com consented to buying the precious mineral from registered small-scale miners and subsequently exporting. MenzGold has recently…