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Author Archives: Pius Amihere Blay

UT Bank collapse: Prince Amoabeng breaks one year silence

Prince Amoabeng

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. Amoabeng said he is saddened ...

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Gov’t, Finatrade’s GH¢220m debt led to our collapse – Royal bank

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 the bank’s liquidity challenges also ...

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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 ensure the proper storage of ...

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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 to forty thousand Ghanaians across ...

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Allow foreigners to trade in retail sector–GUTA   

traders citi

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 from the retail market. GUTA ...

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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 mining license. The document also ...

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One year on; Receiver still pursuing UT, Capital cash [Audio]

Vish Ashiagbor - Country Senior Partner, PwC

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 more time than expected. The ...

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Capital bank collapse: Ato Essien, two others owed GH¢79.9m

William Ato Essien

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 Ato Essien, owed the highest. ...

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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 is in line with international ...

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UT Bank collapse: Ibrahim Mahama denies blame over loan default

Ibrahim-Mahama - CEO, Engineers & Planners

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. Speaking to the media after ...

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