Tag: Banking Reforms
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Full list of microfinance institutions shut down by Bank of Ghana
The Bank of Ghana has descended on Non-bank financial institutions as part of measures to sanitize the financial sector. The central bank on Friday, May 31, 2019, announced that it had revoked the licenses of some 347 microfinance institutions in the country. It also took similar action against some 39 microcredit institutions operating in Ghana.…
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Bank of Ghana clean-up leaves only 137 microfinance companies in good standing
Ghana currently has 137 microfinance companies in good standing after about 347 of such institutions had their licenses revoked by the Bank of Ghana on Friday, May 31. The central bank in a statement said the institutions whose licenses were revoked were either insolvent or had ceased operations. The Bank of Ghana in the statement…
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GHS1.4 billion used in the closure of Heritage, Premium banks — BoG reveals
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that an amount of GHS1.4 billion was used in the resolution of Heritage and Premium banks, following the revocation of their banking licences early this year. Speaking at Monday’s Monetary Policy Committee press conference, the governor stated that the amount was the shortfall realised…
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![[Article] Banking Crises Part 1: The role of Bank of Ghana, Alex Mould writes](https://citibusinessnews.com/wp-content/uploads/2019/05/alex-mould-1.jpg)
[Article] Banking Crises Part 1: The role of Bank of Ghana, Alex Mould writes
The current crisis within Ghana’s banking sector has left us all perplexed; with many unanswered questions. On one hand, we are being asked not to blame the current Governor of BoG since he is only implementing recommendations that he received when he took over from the previous Governor. So, that means the previous administration’s Governor…
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Banks well-positioned to survive sudden exchange rate depreciation — Dr. Addison
Governor of the Bank of Ghana, Dr. Ernest Addison has said that the bank’s latest rigorous assessment of the banking industry’s ability to withstand shocks has revealed that banks have additional capital and liquidity buffers in the event of shocks from exchange rate and interest rate movements. The local currency has depreciated by more than…
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Banking sector reforms fortified economy — President Akufo-Addo
President Nana Addo Dankwa Akufo-Addo on Wednesday defended government’s decision to reform the banking sector, saying the measure had ensured the stability of the country’s economy. “The measures we took saved the banking industry from a very dire situation,” he said when he opened the new headquarters building of the CalBank situated at 23 Independence…
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420 workers of UT, Capital banks lost their jobs after GCB takeover — GCB MD
GCB Bank has told Citi Business News a total of 420 workers lost their jobs after it took over the defunct UT and Capital banks two years ago. This was after the workers did not meet the requirements set by the bank. The disclosure was made when the company took its turn at the Facts…
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Banks collapse: Only GHS731 million out of GHS10.1 billion loans recovered — Governor
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that out of the GHS10.1 billion loans taken on by the receivers of the nine banks, only GHS731 million has so far been recovered. Dr. Addison said the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks…
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Bank of Ghana could have handled the banking reforms better — Mahama
Former President John Dramani Mahama has stated that the current government could have handled the banking sector crisis in a much better way. He believes setting a minimum capital for all banks to meet was not the best solution especially as all banks play various roles in the economy. A total of nine banks lost…
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Banks’ paid-up capital shows 74.8% increase after BoG reforms
Data from the Bank of Ghana has shown strong growth in bank’s total paid-up capital — rising to GHS9 billion as at end of February 2019. The March 2019 Banking Sector Report revealed that last year’s increase in minimum capital requirement saw an increase in banks’ paid-up capital from GHS5.05 billion as at February 2018…