Tag: Banking Sector reforms
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Local banks now more resilient and able to support economic growth agenda – Finance Minister
The Finance Minister, Ken Ofori-Atta, says the banking sector reforms undertaken by government in 2017 and 2018, has strengthened local banks, making them more resilient to shocks. Assessing the balance sheets of local banks currently, the Finance Minister argued that the financial health of Ghanaian-owned banks are stronger compared to the period before the cleanup…
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Customers of collapsed Fund Management firms appeal to SEC to facilitate payments
Customers whose monies have been locked up in collapsed Fund Management Companies are appealing to the Securities and Exchange Commission, SEC, to expedite payments based on the progress made with validation so far. The appeal comes after the Commission’s completion of its work on some Fund Managers who challenged the revocation of their licenses. The…
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Reduction in number of indigenous banks unhealthy for economy – IEA
The Institute of Economic Affairs (IEA), an economic policy think tank, has said the result of the financial sector clean-up carried out by the Bank of Ghana which saw a reduction in the number of indigenous banks, has left the country’s financial sector in an unhealthy position. Banks operating in Ghana reduced from 35 to…
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Banking sector crisis: Prosecutions should be comprehensive and not delay-Prof. Gatsi
The Dean of the School of Business at the University of Cape Coast, Professor John Gatsi says the state would have to do more to win over the confidence of the public in its prosecutions of persons culpable in the banking sector crisis. Professor Gatsi explains in an interview with Citi Business that the roles…
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Enforce banking regulations to strengthen sector – Dr. Richmond Atuahene
The Bank of Ghana has been challenged to enforce its regulations without fear or favour in 2020 and beyond to ensure the sector continues on its current path of growth. According to Banking Consultant, Dr. Richmond Atuahene, this will ensure that Ghana’s banking sector becomes one of the best in the West African Sub-region. The…
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Banks post GHS2.83 billion profit as reforms take effect
The country’s banking sector is churning out more profit following the regulator’s decision to introduce a number of reforms to strengthen the sector. The Bank of Ghana’s latest banking sector report revealed that as of October 2019, banks in the country made a total profit of GHS2.83 billion which was a 45.3 percent increase in…
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Customers of collapsed banks, microfinance firms to get 100% deposits – Akufo-Addo
President Nana Akufo-Addo has announced that customers of indigenous banks that lost their licenses due to the financial sector clean-up exercise will receive full payment of their locked up cash. He said the same would be done for customers of collapsed microfinance institutions and savings and loans companies. The president made this known in his…
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Gov’t committed to strengthening rural banks – ARB APEX Bank
The Deputy Managing Director of ARB APEX Bank, Mr. Alex Kwasi Awuah, has reassured Ghanaians of government’s commitment to strengthening rural and community banks amidst the ongoing financial sector reforms. Mr. Awuah said the Bank of Ghana (BOG) is collaborating with the APEX Bank, the sole regulatory institution of rural banks, to put effective mechanisms…
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Staff found culpable in capital market crisis will be prosecuted — SEC
The Securities and Exchange Commission (SEC) has stated that it will not hesitate to take action against any employee whose action may have contributed to the shutdown in any of the 53 fund management companies. The regulator has come under intense criticisms following the shutdown of nearly 40 percent of the 141 companies with various…
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State charges Ato Essien, 3 others over Capital Bank collapse
The state has charged William Ato Essien, founder of defunct Capital Bank, together with three others with 26 offenses leading to the collapse of Capital Bank in 2017. The charge sheet presented to an Accra High Court also included three others: Rev. Fitzgerald Odonkor (former CEO of the Bank), Tetteh Nettey and Kate Quartey-Papafio (CEO,…