Tag: Bank of Ghana
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Pay depositors’ cash before winding up – BoG to operators
Financial companies seeking to wind up their operations voluntarily yet are unable to meet their debt and other obligations in full within a year, risk imprisonment. That is but one of the cautions the Bank of Ghana has issued in its latest directive on voluntary winding up of banks and specialized deposit taking institutions. The…
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ICU negotiates exit packages for Consolidated bank staff
The Industrial and Commercial Workers’ Union (ICU) is to meet the receiver of the Consolidated Bank Ghana soon, over the exit packages for workers of the five collapsed banks. The labour union is hopeful its intervention will reduce the impact of job layoffs on the livelihoods of the affected employees. According to the General Secretary…
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BoG gets tough on Financial Holding Companies with new directive
The Bank of Ghana has revived its supervisory role with yet another directive for the financial sector. In the latest move, the central bank throws its spotlight on the Financial Holding Companies. As a result, the regulator wants managers of Financial Holding Companies to comply with the provisions so as not to jeopardize the sanctity…
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Gov’t, poor credit practices cause of high NPLs – Economists
Some Economists have attributed the continuous rise in Non-Performing Loans (NPLs) in the banking sector to poor credit risk practices on the part of banks. In their opinion, credit to businesses in the country will continue to be high if the banks fail to do due diligence when giving out credit. The comments follow the…
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Analyst backs BoG’s forced retrieval of unpaid Eximbank loans
Some Financial Analysts have lauded moves by the Central Bank to deduct money from commercial banks whose accounts were used to assess loans from the EXIM Bank. The decision follows Exim Bank’s inability to recover credit facilities channeled through them to the commercial banks for on-lending to customers. But Citi Business News understands most of the customers…
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Non compliant fintechs to lose licenses – BoG
The Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill. The fintechs are expected to be compliant at a time where electronic payment systems are increasing significantly. This caution is also contained in the Bank of…
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Oil emerges as second largest export earner – BoG report
Ghana’s oil sector emerged as the second largest contributor to the country’s exports for 2017. The country raised an estimated three billion dollars from the oil resources in 2017. Official figures released by the Bank of Ghana show that the total revenue Ghana raked in from her exports stood at 13.8 billion dollars. A further…
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Patience Akyianu resigns as MD of Barclays bank
Managing Director of Barclays Bank, Patience Akyianu has resigned. She is however expected to remain as the MD until September 30, 2018. The decision for Mrs Akyianu to move on, comes after spending a decade with Barclays bank. A statement from the bank confirming the decision said, ‘after five years of leading Barclays Bank Ghana…
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KPMG denies dismissals at Unibank
Managers of Unibank, KPMG, have dismissed media reports that they have terminated the appointment of some contract workers of the bank following an assessment of the bank’s operations. About five hundred workers of the bank are reported to have their employment contracts terminated as their roles were no longer needed. The report suggested that the…
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BoG must decide extension of recapitalization deadline
The independence of the Bank of Ghana (BoG) must be allowed to prevail even as appeals are considered from local banks for an extension of the deadline for recapitalization. This should also build a strong financial sector with the capacity to support economic growth. That is the suggestion from Financial Analyst, Professor Godfred Bokpin. His…