Tag: Bank of Ghana
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BoG has done a ‘grave injustice’ to Heritage Bank by revoking its license – Former directors
The former Board of Directors of now defunct Heritage Bank Limited (HBL), has lamented claims by the Bank of Ghana (BoG) that it set up the bank with suspicious capital and that the central bank has done them a ‘grave injustice’ by revoking its license. Last week, the Bank of Ghana (BoG) revoked the license…
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Don’t panic, we are still strong – Savings & Loans Association
The Ghana Association of Savings and Loans Companies is assuring clients and the general public that the sector is still robust despite recent issues facing the financial sector. A statement from the association to Citi Business News admitted to challenges with some Savings and Loans Companies. But it is confident such issues should be resolved…
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Stay off our business; Menzgold sues BoG, SEC
Embattled gold dealership company, Menzgold, has sued the Securities and Exchange Commission (SEC) and the Bank of Ghana. The company in its suit is seeking from the court an order directing the two institutions to stop interfering in its business. Menzgold also asked the court to stop the Bank of Ghana and the SEC from publishing what…
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BoG challenges jurisdiction of court hearing Duffuor’s case
The Bank of Ghana has challenged the capacity of the General Jurisdiction Court hearing the lawsuit brought against it by a shareholder of Unibank, Dr. Kwabena Duffuor. The Central Bank on August 1, 2018, collapsed uniBank along with four other local banks on grounds of insolvency among other irregularities, to create a new bank known…
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Cryptocurrency: Advocates push for swift laws by BoG
Cryptocurrency analysts are urging the Bank of Ghana to expedite processes to formulate laws to regulate their business. They want the regulator to step in to avert a possible controversy between it and patrons of the product. The increasing interest in the use of cryptocurrency has been met with mixed reactions considering the complex nature…
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SEC approves Energy bank’s IPO to raise GH¢340m
The Securities and Exchange Commission (SEC) has approved for the Energy Commercial bank to issue an Initial Public Offering (IPO) to help it meet the minimum capital requirement for banks. The bank should resort to the investing public to raise 340 million cedis which represents about fifty percent of the company’s stake. Though SEC’s approval…
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Omnibank, Sahel Sahara to spend GH¢1.2m on merger
It will cost about one million cedis to complete the merger between Omnibank and Sahel Sahara bank. This is the information available to Citi Business News from management of the two banks. The disclosure comes on the back of the signing of a Memorandum of Understanding between the two banks. The merger process involves the…
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Consolidated bank assesses skills of staff
Current employees of the Consolidated Bank Ghana Limited are to undergo assessment tests scheduled for September 15th and 16th, 2018. This follows the completion of application processes for all the workers of the bank. A memo to all staff and sighted by Citi Business News also stated that the tests will be carried out in…
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Customers of uniCredit angry over locked up cash
Customers of Unicredit Savings and Loans are livid over their inability to withdraw their matured investments from the company. Scores of customers on Tuesday [September 11, 2018] besieged the premises of the Kantamanto branch of the company to demand their money after several failed attempts to retrieve their investments. Some reports have suggested that the…
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Banking sector cleansing is for stronger local banks–Nana Addo
President Akufo Addo has stated that his vision for the banking sector is to have few but stronger local banks which can compete with their foreign counterparts. He has disputed claims suggesting that the administration is looking at creating avenues for foreign banks to thrive at the expense of local ones. Many arguments seeking the…