Tag: Bank of Ghana
-
Banking sector gets GH¢1.5 billion fresh capital injection– PwC survey
The banking sector received about GH¢1.5 billion in fresh capital last year as banks moved to meet the Bank of Ghana’s December 31, 2018 deadline to meet the minimum capital requirement, a PwC survey has shown. The BoG’s directive to the banks provided three sources of meeting the GH¢400 million minimum capital requirement. The banks…
-
Attorney General to begin prosecution of shareholders, directors of collapsed banks
The Senior Minister Yaw Osafo Maafo has stated that the Attorney General will soon take legal actions against some specific individuals whose actions led to the banking crisis over the past 2 years. Mr. Osafo Maafo stressed that owners of some of the default banks who took depositors money out of the country without following…
-
Banking sector clean up boosted public’s confidence in sector — Top bankers
A survey on the country’s banking reform sector revealed that 55 percent of respondents welcomed the revocation of banking licenses, saying the measure would engender public confidence and increase investment in the medium to long term. Some banks, especially multinationals feel that they had not experienced any real change to their business, even though 45…
-
PwC backs BoG’s call for specialised courts to deal with banks’ resolution matters
PricewaterhouseCoopers has backed the calls by the Bank of Ghana boss Dr. Ernest Addison for the Chief Justice to establish special courts to deal with issues arising from the central bank’s resolution of some failed banks. The central bank governor has lamented that some directors among others of some of the erstwhile banks have resorted…
-
Four audit firms fined GH¢2.2 mn for roles in banks collapse
The Institute of Chartered Accountants (ICAG) has sanctioned four audit firms for shortfalls in their professional duties to comply with the required International Auditing Standards. ICAG has therefore fined the four auditing firms a total over GH¢2.2 million. The breakdown includes Deloitte & Touche – GH¢1,150,000, PKF Chartered Accountants – GH¢550,000, J. Mills Lamptey &…
-
Four audit companies sanctioned over banks collapse — Member of Big 4 included
The Institute of Chartered Accountants, Ghana (ICAG) has sanctioned three local auditing firms and a foreign one for non-compliance with auditing standards in the collapse of seven banks, Citi News has gathered. The sanctions come after the Professional Standards and Ethics Committee of the Institute investigated the roles of the auditors of seven local banks…
-
Cyber fraudsters attempt stealing GH¢329.7mn from banks — new BoG report
The Bank of Ghana’s 2018 report on fraud in the banking sector has revealed that cyber fraudsters attempted to steal at least GH¢325.9 million from financial institutions operating the country. The report prepared by the Financial Stability Department of the central bank and sighted by Citi Business News stated that the amount involved represents a…
-
Banks lose GH¢19.1mn to theft committed by own employees — new BoG report
A Bank of Ghana report on banking fraud in the country has revealed that there is a growing number of employees of banks either stealing from customers or from their employers. The report prepared by the Financial Stability Department of the Bank of Ghana stated that in 2018, more than 2,170 cases of fraud were…
-
Nduom takes on BoG, Ofori-Atta over GN Savings and Loans collapse
The Chairman of Groupe Nduom, Papa Kwesi Nduom has sued the Bank of Ghana; Finance Minister, Ken Ofori Atta; Attorney General, Gloria Akuffo; and receiver for GN Savings and Loans, Eric Nana Nipah. Mr. Ndoum wants the court to among other things quash the decision of the Bank of Ghana to revoke the license of…
-
Fraud in banks increase by more than 50 percent — Bank of Ghana
The number of fraud cases reported by commercial banks in the country in 2018 has increased by 50 percent from the figure recorded in 2017, according to a Bank of Ghana report sighted by Citi Business News. According to the report, the banking industry reported a total of 2,175 fraud cases as compared to 1,418…