Tag: Banking Sector reforms
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#GhanaRising: Blame high interest rates on poor management of banks — Oteng-Gyasi
Renowned industrialist and former President of the Association Ghana Industries, Tony Oteng-Gyasi says there is no doubt the prevailing high-interest rates in the country could be traced to the poor management of financial institutions. Speaking at the Citi TV/FM Ghana Rising Conference on Thursday, Mr. Oteng-Gyasi stated that banks were passing on their inefficiencies to…
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![[Article] A smart investor is an informed investor](https://citibusinessnews.com/wp-content/uploads/2019/06/bank-of-ghana.jpg)
[Article] A smart investor is an informed investor
In recent times, the financial sector in Ghana has come under strict scrutiny from its regulators. The Bank of Ghana (BOG) for instance, has been very stern in whipping both Financial and Non-Bank Financial Institutions into shape. The result of this exercise has led to the collapse and revocation of the license of seven (7)…
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Customers, workers of distressed financial institutions cry out
Despite government spending as much as GH¢12 billion on the financial sector clean up, the effect of the exercise has not seemed to trickle down to customers who largely complain about their inability to access their deposits. The Bank of Ghana’s clean up exercise started with the banking sector where a total of nine banks…
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Malicious messages about Rural Banks can hurt financial sector – Dep ARB Apex Bank MD
The Deputy Managing Director of ARB Apex Bank, Alex Awuah has cautioned individuals responsible for spreading false messages about the state of Rural and Community Banks in the country, to desist from their actions, since they can negatively affect that segment of the financial system. His comments follow a recent call by the Bank of…
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Commercial banks need to take advantage of ongoing reforms – Access Bank MD
Universal Banks in the country have been challenged to take advantage of the ongoing clean-up exercises in the non-bank financial sectors such as the Microfinance sector to extend their services to the micro level. According to the Managing Director of Access Bank Olumide Olatunji, the recent reforms by the Bank of Ghana can be viewed…
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Disregard messages on social media about Rural and Community Banks – BoG
The Bank of Ghana has called on the public to disregard some malicious messages circulating on social media platforms such as WhatsApp and Facebook. According to a press release from the Central Bank, the messages create the false impression that an intended “clean up” of Rural and Community Banks (RCBs) sub-sector by the Bank of…
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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…