Tag: Bank of Ghana
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BoG not collapsing rural and community banks — ARB Apex Bank denies viral ‘malicious’ message
The ARB Apex Bank has asked the public to disregard a message making the rounds that the central bank will soon revoke licenses of rural and community banks. According to the press release, a malicious audio message circulating on social media platforms including WhatsApp is purporting that Bank of Ghana has plans to withdraw the…
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ADB set to raise GH¢127 million to meet BoG minimum capital requirement
The shareholders of Agricultural Development Bank have voted to allow the bank to raise GH¢127 million to enable it to meet the minimum capital requirement set by the Bank of Ghana. This will be made through the private placement of shares with the Ghana Amalgamated Trust PLC which has been mandated to assist some five…
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BoG given ultimatum to reinstate license of First Ghana Savings & Loans
Staff of defunct First Ghana Savings and Loans Limited have given the Bank of Ghana up to September 11, 2019, to rescind its decision to revoke their license. First Ghana Savings and Loans Limited which started as First Ghana Building Society (FGBS) in 1956 was originally licensed to operate as a mortgage financing institution. From…
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Gov’t votes GH¢1.2 bn to protect depositors of defunct savings and loans companies
Government has reportedly made provision of about GH¢1.2 billion to protect depositors of savings and loans companies that had licenses revoked in the recent banking sector clean-up exercise. The Bank of Ghana in the release announcing the revocation of the licenses of 23 savings and loans and finance house, did not mention how much that…
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[Article] Resolving the key challenges in the corporate banking space
Ghana is a developing economy and the private sector is key to achieving the set developmental goals. One main driver of the private sector and industrial growth is access to financing, and in Ghana, that role is played mainly by the banks and other players in the financial sector. Without the support of banks, most…
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Financial institutions push for speedy settlement of debt cases
More stakeholders in the financial sector are pushing for speedy settlement of financial cases at the court to complement the work by the Bank of Ghana to strengthen the sector. The latest to push for an improvement in the judicial system is the Association of Finance Houses after the Ghana Bankers Association asked for the…
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Dr. Asiamah was part of decision to collapse UT, Capital Banks — BoG
The Bank of Ghana has stated that the former Second Deputy Governor Dr. Johnson Asiamah played a role in the decision to allow the GCB Bank to take over the assets of UT and Capital banks after the two had their licenses revoked. The former second deputy had accused the Bank of Ghana of taking…
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Banks’ profits shoot up in first half of 2019 — BoG report
The profitability of banks in the country has increased following the banking sector reforms, the Bank of Ghana’s latest Banking Sector Report has revealed. According to the report which captures the performance of banks for the first half of 2019, the profitability indicators of the banking sector improved during the first half of 2019 compared with…
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BoG spends GH¢153 million on printing cedi notes in 2018
The Bank of Ghana last year spent more than GH¢153 million to print the country’s legal tender, the cedi. The amount spent includes the actual cost of printing the legal tender, fees paid to the agency that supervised the printing process as well as what the central bank describes as other currency expenses. According to…
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Nduom urges staff to remain calm after GN Savings and Loans shutdown
President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has asked his employees to remain calm and also be apprised with the facts surrounding the decision by the Bank of Ghana to takeover GN Savings and Loans company. Dr. Nduom in an address to his staff called on them to remember that the foundation…