Tag: banking sector clean-up
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Revocation of UniCredit’s license unlawful – Court of Appeal rules
The Court of Appeal has overturned the Bank of Ghana’s decision to revoke the license of UniCredit Ghana Limited. The appellate Court describes the Central Bank’s decision as an unlawful exercise of its powers. The three-member Court, with Justice Gbiel Suurbaare as President, was unanimous in its decision on Thursday to quash the BoG’s revocation…
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Banking clean-up: Government charged to retrieve locked-up cash from indicted persons
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has charged government to pursue and retrieve all monies from persons found culpable of taking monies from banks, following the banking sector clean-up exercise. Governor of the Bank of Ghana, Dr. Ernest Addison disclosed back in May 2021 that…
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Credit unions appeal for locked-up funds
The Ghana Credit Unions Association (CUA), has called on the government to expedite work on releasing funds belonging to its members that were locked up during the banking sector clean up. According to the association, the locked-up funds, totalling about GHS203 million belongs to regular Ghanaians who are currently going through difficult times out of…
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Central Bank urged to enhance its supervisory role
Stakeholders within the governance sector have charged the Bank of Ghana to improve on its supervisory role to reduce the risk of another financial sector collapse and ensure prudential standards are strictly been followed. According to them, this will enable the Banking and Special Deposit Taking Institutions sectors as well as other banks to remain…
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Prosecute persons whose actions led to banking crisis – BoG Governor urged
As the Governor of the Bank of Ghana Dr. Ernest Addison prepares to start his second term from April 1, 2021, as leader of the Central Bank, he is being called upon to dedicate time and resources to ensure that all persons behind the collapse of about 9 indigenous banks are prosecuted. Since 2017 banks…
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Banking sector clean-up was not managed well – Togbe Afede XIV
Ghanaian Entrepreneur and President of the National House of Chiefs, Togbe Afede XIV, says the banking sector clean-up could have been handled better by government. According to him, government could have carried out a better scrutiny to prevent the collapse of the huge number of financial institutions that lost their licenses. Togbe Afede, who once…
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Banking sector clean-up: We’re partnering with state agencies on prosecutions- BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed some reservations about the processes being used in the prosecution of officials found culpable in the banking sector crisis. He however says although the banking sector regulator has no control over the judicial processes, it is collaborating with the relevant state agencies to…
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Banks’ deposits grow by 22% to reach GH¢83.46bn
Total deposits of banks increased by 22% as at the end of 2019; according to the latest banking industry report published by the Bank of Ghana. The central bank attributes this to a rebound in confidence in the sector following its reforms which were carried out over the past two years. The banking sector report…
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Report on banking sector crisis must serve as training manual for bankers – FBN Bank CEO
The Chief Executive Officer of FBN Bank Ghana, Victor Asante, is urging the Bank of Ghana to develop a comprehensive report on the banking sector crisis to be used as a manual for the training of bankers in the country. Delivering a lecture on the topic: Preventing the next financial crisis – getting it right…
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Critics of banking sector-clean up have no alternative solutions – Gideon Boako
Dr. Gideon Boako, an economist and spokesperson for the Vice President, Dr. Mahamudu Bawumia, says critics of the Bank of Ghana’s clean-up of the banking sector, have failed to present possible solutions for the crisis that confronted the country’s financial sector. Speaking on Point Blank on Eyewitness News on Citi FM, Dr. Boako stated that…