Tag: Bank of Ghana
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Print money to pay depositors of collapsed financial institutions – Kwame Pianim
Renowned Economist, Kwame Pianim, has suggested that the government considers approving the printing of money by the Bank of Ghana to settle claims of depositors who have been affected by the financial sector clean up. In his view, this should be necessary as the depositors are victims of circumstances as a result of weak supervision…
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Full list of members on committee to ‘investigate’ cedi depreciation
The Finance Ministry last Friday inaugurated a committee to look into the causes of the depreciation of the cedi and propose solutions to the problem. The establishment of the committee, named the FX Developments Committee, is a fulfillment of a promise made by the ministry last year to constitute a bi-partisan committee to look into…
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Banking crisis: Duffuor sues head of Special Investigation Team
Former Finance Minister, Dr. Kwabena Duffuor, has sued the Head of the Special Investigation Team probing the collapse of nine local banks during the banking sector crisis accusing him of harassment. He is seeking a perpetual injunction to restrain the team’s head, Edward Tabiri, from continuing in this purported harassment. According to the suit dated…
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Banking reforms: Receivers recover less than ten percent of locked GH¢16.6 billion
Receivers for the nine collapsed banks, who have been chasing customers, directors and shareholders for more than GH¢16.6 billion in locked up loans, have only been able to retrieve an amount less than eight percent more than two years after the process started. According to the governor of the central bank, the amount retrieved is…
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Cleanup of financial sector responsible for current economic stability–BoG
The Bank of Ghana (BoG) says the current financial stability being experienced in the country is as a result of the prudent way it undertook the financial sector clean. Between 2017 and 2019, the central bank embarked on an exercise that saw over 420 financial institutions including banks, microfinance companies, as well as savings and…
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FX Development Committee not taking over BoG’s job — Adu Boahen
The Deputy Finance Minister Charles Adu Boahen has stated that the FX Development Committee, established by the Finance Ministry to look into policy measures and solutions to prevent the recurring depreciation of the cedi, is not usurping the powers of the central bank. The establishment of the committee follows a promise made by the Finance…
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No bank wanted to acquire toxic UT Bank — BoG
The Governor of the Bank of Ghana Dr. Ernest Addison has stated that before the central bank revoked the license of UT Bank, it was unsuccessful in getting a local bank to take over the reins of the Prince Amoabeng founded bank. According to him, the books of the bank were so bad that even…
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PEF urges payment of locked up funds after assurance from Prez Akufo Addo
Chief Executive Officer of the Private Enterprise Federation, Nana Osei Bonsu has charged President Akuffo Addo to follow up with the assurance of ensuring the central bank settles businesses who have their monies locked up in collapsed financial institutions. He says the government must, as a matter of priority, ensure locked up cash is within…
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Banking reforms responsible for 17.1 percent rise in banks’ deposits – BoG report
It is emerging that Ghanaians are renewing their confidence in the banking sector following the clean up carried out by the Bank of Ghana over the past two years. This is evident in the deposits recorded by commercial banks for the period ending October 2019. According to the regulator, deposits, which is a major source…
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Bright Simons writes: BoG’s murky explanations on the GH¢100 and GH¢200 notes
The Bank of Ghana (BoG) on November 29th, 2019, released a document justifying the need for the introduction of “higher-value denomination” currency (HVD) notes. The question of whether HVD notes are warranted at any point in time is not a merely conceptual one. It is, in fact, a highly empirical enquiry to be approached from a careful…