Category: News
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Ken Thompson writes: Collapsed banks did not fail; they were greedy, reckless
On August 2nd we woke up to 30 banks. When we went to bed a day before there were 34 banks. Five banks that had ‘kaput’ had now become Consolidated Bank Ghana Limited. Five had become one; UniBank, Sovereign Bank, Construction Bank, BEIGE Bank, and Royal Bank has been ‘consolidated’ to form a new entity…
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133 new items added to inflation basket
The Ghana Statistical Service has announced the rebasing of the calculation of the Consumer Price Inflation effective July this year. This means that the reference year for calculating the change in the prices of goods and services at any particular point, has moved from 2012 to 2017. According to the Ghana Statistical Service, the move…
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UT Bank collapse: Ibrahim Mahama denies blame over loan default
The CEO of Engineers and Planners (E&P), Ibrahim Mahama, has refuted allegations that his non-payment of a GH¢302,000,000 loan facility granted to four companies reported to be his, resulted in the collapse of defunct UT Bank. He has also disputed claims that he owns the said companies; Dzata Cement, Holman Brothers Ltd and MBG Ltd.…
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Consolidated Bank blocks withdrawals from defunct Beige Bank accounts
The newly-established Consolidated Bank Ghana (CBG) has blocked the fixed deposit accounts of customers of the defunct Beige Bank. This means clients of the defunct bank can no longer make withdrawals from the fixed deposit accounts. “Effective immediately there will be no redemptions or withdrawals on all fixed deposit accounts held by the erstwhile Beige…
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Bank of Baroda to pull out of Ghana’s banking sector?
Over the past weeks a number of banks have seen their licences revoked as the Bank of Ghana pushes the implementation of the minimum capital requirement directive. While a number of banks have met the requirement others are likely to be merged or collapsed. One bank that may not do either of the two is…
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Public must renew confidence in banking sector– Otuo Acheampong
A banking consultant, Nana Otuo Acheampong has called for renewed confidence in Ghana’s banking sector following the recent issues that have led to the collapse of some banks in the country. According to him, not all local banks have the weak corporate governance, high non-performing loans (NPLs) and poor liquidity challenges, among others, that contributed…
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Leaked UT, Capital bank report independent of investigations – PwC
The Joint Receivers of defunct UT and Capital banks, PricewaterhouseCoopers (PwC), has ruled out any impact of disclosures on questionable dealings by the former directors and shareholders, on its investigations. Documents sighted by Citi Business News have showed that the former shareholders of the two banks, engaged in related party transactions among other unapproved activities…
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More companies dissociate themselves from former CEO of collapsed Capital Bank
Another Savings and Loans Company, Commerz Savings and Loans has denied having any link with embattled former Managing Director of collapsed Capital Bank, William Ato Essien. According to the company, Capital Bank just acted as a clearing bank for Commerz from February 2017 until it was taken over by the GCB Bank. A statement issued…
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We have excess capital—Consolidated Bank Ghana
The management of Consolidated Bank Ghana Limited (CBG) has disclosed that the Bank is capitalized in excess of the 400 million cedis capital requirement announced by the Bank of Ghana. The bank which was formed by the central bank after the revocation of licenses of five banks also announced that it has opened for operations.…
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Cane Weavers Association appeals for govt’s help
Cane Weavers Association are calling on government to include them in its One District One Factory policy. The weavers, who believe their industry is expanding very fast say their ultimate need is a factory and will be very enthused should government include them in their plans. Philip Osono, a weaver who has been in the…