Tag: Banking Reforms
-
Ato Essien, 3 others granted bail by High Court
An Accra High Court has granted bail in the sum of GH¢200 million to the founder of defunct Capital Bank Ato Essien in the ongoing trial relating to the collapse of the bank. The court also asked for two sureties of which the persons standing in should be of good standing in society. The same…
-
I can’t be prosecuted; I did no wrong — Ato Essien
The founder of defunct Capital Bank, William Ato Essien, says he does not expect to be dragged to court following comments by the Attorney General that it will soon take legal actions against persons who contributed to the banking crisis. On Metro TV’s Good Evening Ghana, he maintained that there was no malfeasance in the…
-
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…
-
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…
-
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…
-
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…
-
ICAG to use GH¢2.2 million fine for capacity building
The Institute of Chartered Accountants Ghana has told Citi Business News that it will use the GH¢2.2 million fine to build capacity for the four sanctioned auditing firms and the industry as a whole. The ICAG fined Deloitte & Touche, PKF Chartered Accountants, J. Mills Lamptey & Co., Morrison & Associate up to the tune…
-
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…