Tag: Banking Reforms
-
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…
-
High Court adjourns Unicredit’s case against BoG to September 19th 2019
The High Court has adjourned the suit involving the shareholders of defunct Unicredit savings and Loans company limited and the Bank of Ghana over the revocation of the license of the company. The court adjourned the case to 19th September. This follows the inability of the Bank of Ghana to serve lawyers of Unicredit with…
-
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…
-
![[Article] Resolving the key challenges in the corporate banking space](https://citibusinessnews.com/wp-content/uploads/2019/07/Addison.jpg)
[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…
-
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…
-
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…
-
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…
-
My GH¢9m deposit is locked up at Global Access — Dr. Kofi Amoah
The majority share owner of defunct Global Access Savings and Loans company, Dr. Kofi Amoah, has revealed that he has about GH¢9 million deposits locked up in the company. Dr. Amoah explained that quite apart from being the owner, he deposited about GH¢20 million in placement into a number of investment instruments to help the…
-
![[Article] The impact of central bank reforms on banking in Ghana](https://citibusinessnews.com/wp-content/uploads/2019/08/Bank-of-Ghana1.jpg)
[Article] The impact of central bank reforms on banking in Ghana
The banking sector in Ghana has witnessed significant growth in the past decade with respect to governance, capitalization, and competition. The industry evolved from a few indigenous and the traditional high street banks totaling 18 in 2002 to 34 banks in 2017. From hindsight, one could argue that the discovery of oil in commercial quantities…
-
List of Finance Houses in good standing after BoG clean-up
Before the Bank of Ghana undertook the clean up of the Finance House sector last Friday, there were 21 licenced finance houses. The central bank decision, however, meant that only 11 of them remain now in addition to three others that operate finance and leasing companies to offer financial intermediation to the public. Below is…