Tag: Bank of Ghana
-
We wanted BoG to waive interest on GHS610m liquidity support — Ato Essien
Founder of defunct Capital Bank William Ato Essien has complained about the Bank of Ghana’s high handedness in dealing with the bank’s troubles leading to eventual revocation of their license in 2017. Mr. Essien commenting on circumstances leading to the bank losing its license 2 years ago said the bank was in distress when it…
-
Insolvency does not mean much — Ato Essien, founder of defunct Capital Bank
The founder of defunct Capital Bank, William Ato Essien has opened up on the revocation of the bank’s license in 2017 by the Bank of Ghana. Mr. Essien speaking on Good Evening Ghana programme on Accra-based Metro TV said although the central bank adjudged his bank as insolvent, it would have been able to turn…
-
Bank of Ghana to start forex forward auction on Oct.1
The Bank of Ghana has announced that it would from October 1, 2019 start forward sales purchases of forex. The central bank in a notice on guidelines issued to forex dealers said the initiative which comes on the back of improved liquidity on the market and would deepen the foreign Exchange Market. Foreign exchange dealers…
-
Court set to rule on Unicredit’s license revocation on Sept. 26
The ruling on the licence revocation of Unicredit Savings and Loans is expected to be made by an Accra High Court on September 26. The case was brought before the court by the owners of the savings and loans company. The Bank of Ghana in its response prayed the court to quash a matter brought…
-
Collapsed banks were beyond redemption – Addison
Governor of the Bank of Ghana, Dr. Ernest Addison, has maintained that it was the right decision to revoke the licences of some local banks as their level of insolvency and poor corporate governance structures did not make bail out a good option. The regulator has been accused by some members of the public for…
-
BoG fires staff for collecting bribe in GH¢4.6 billion mobile money interoperability contract
The Bank of Ghana has today dismissed an Official, Mr Gilbert Addy, for gross misconduct in relation to corrupt transactions and for accepting bribes in connection with the award of a contract to Sibton Switch Systems Limited in 2016 by the previous Management of the Bank of Ghana (BoG). A release issued by the central…
-
Receiver issues ultimatum for customers of collapsed MFIs to submit claims
Customers of the collapsed 347 microfinance companies who could not submit their claims for their locked-up funds have been granted more time to do so by the receiver, Eric Nana Nipah. According to a notice issued by the receiver, the customers now have up to Friday 27th September 2019 to submit their claims for validation.…
-
BoG pegs minimum capital for Mobile Money companies at GH¢20 million
The Bank of Ghana has pegged the minimum capital required for operating a mobile money company at GH¢20 million. The latest directive comes on the back of the recently passed Payment Systems and Services Act, 2019 (Act 987) which provides a legal and regulatory framework for the orderly development of the country’s payment system. The…
-
Customers of collapsed S&Ls must submit claims by close of day — Receiver
Customers of the savings and loans companies, as well as Finance Houses that recently had their licenses revoked, have until close of the day to submit documents needed to be reimbursed their locked up deposits or investment. The receiver of the collapsed financial institutions, Eric Nana Nipah of the Pwc had earlier published that customers…
-
Banking reforms beneficial for industry — Alan Kyerematen
Trade and Industry Minister Alan Kyerematen has described the reforms in the financial sector as a key measure that will help local businesses to be competitive. According to him the move by the Bank of Ghana to collapse some banks has strengthened existing banks and made them well-capitalized to provide the needed financial support for…