Tag: Bank of Ghana
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Hundreds rendered jobless after SEC’s closure of struggling fund managers
The Securities and Exchange Commission’s decision to withdraw the licenses of struggling fund management companies has immediately rendered 249 people jobless; a figure which could exceed 1,200. Although the SEC mass shutdown exercise involved 53 fund management companies, 21 firms had already ceased operations with the remaining 32 still in operation at the time their…
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Cal Bank names Philip Owiredu as new CEO
Cal bank has nominated Philip Owiredu as the bank’s new CEO prior to an approval by the Bank of Ghana. A statement from the bank said upon approval, Mr. Owiredu is expected to assume the position in January 2020. The appointment follows the retirement of the current Managing Director, Frank Adu. Mr. Owiredu was until…
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Banks profit soar to GH¢2.24 billion after banking reforms
The Bank of Ghana’s latest Banking Sector Report has revealed that commercial banks were able to make in excess of GH¢2.24 billion in the first eight months of 2019. According to the report, the industry recorded an after-tax profit of GH¢2.24 billion, a 38.4 percent growth over profits recorded by the banking sector for the…
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BoG will not hesitate to raise policy rate to deal with inflation
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said the central bank will not hesitate to increase its monetary policy rate to deal with any surge in inflation. The central bank’s policy rate which signals the rate at which it lends to commercial banks is currently pegged at 16 percent while inflation…
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96 branches of microfinance companies in receivership open for business
About 100 branches of the 347 microfinance companies that were placed into receivership by the Bank of Ghana are still open for customers of these defunct institutions to either make their claims for locked funds or repay their existing loans. A notice issued by the receiver stated that effectively the receiver will stop operating from…
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High Court grants receiver permission to take over Unibank property
An Accra High Court last Friday dismissed an application for injunction filed by owners of defunct Unibank to prevent Nii Amanor Dodoo, acting as receiver for Unibank, from taking over a property in East Ridge, Accra belonging to the former bank. Mr. Amanor Dodoo, who was appointed the receiver for Unibank, has embarked on an…
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BoG Governor Dr. Addison appointed IMF/World Bank Board Chair
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has been selected to represent Ghana to Chair the Board of Governors of the Bretton Woods Institutions in 2020. A statement from the central bank explained that the selection of Ghana was done in recognition of the country’s impressive strides in macroeconomic stability achieved…
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Bank of Ghana adopts new guidelines on repo agreements
The Bank of Ghana has adopted a set of guidelines to help facilitate the short-term trading of government securities between dealers as well as investors. Governor of the Bank of Ghana, Dr. Ernest Addison, who announced the new Guidelines for Repurchase Agreements at ongoing World Bank/IMF Annual Meetings in Washington DC, USA, said it will…
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Ato Essien, 3 others granted bail by High Court
An Accra High Court has granted bail in the sum of GH¢200 million to the founder of defunct Capital Bank Ato Essien in the ongoing trial relating to the collapse of the bank. The court also asked for two sureties of which the persons standing in should be of good standing in society. The same…
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Ofori-Atta, Keli Gadzekpo fires back at Ato Essien over “palpable falsehood” in Capital Bank collapse
Lawyers for Finance Minister Ken Ofori-Atta and Keli Gadzekpo, a Bank of Ghana board member, have described as palpable falsehood claims that they had wanted to acquire Capital Bank before it was shut down by the central bank. The founder of Capital Bank, William Ato Essien in an interview on Metro TV last week said…