Tag: BoG
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Banks reduce mortgage loans over high NPLs – BoG
Banks have begun tightening their stance on mortgages due to the rise in their Non-Performing Loans (NPLs). At least according to the Bank of Ghana’s latest banking sector report, the commercial banks decreased their loans for house purchases by some two percentage points from 8 to 5 percent as at June this year. The position…
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Banks’ tight loans stance reduces profits by 40% – BoG report
Commercial banks’ decision to reduce their levels of loans and advances to businesses have rather affected their profitability. As a result of this position, the profits of commercial banks had dropped by 40 percent as at June 2017. Figures from the Bank of Ghana on the banking sector indicate that the profits of commercial banks…
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Stock Exchange suspends trading for five companies
The Ghana Stock Exchange (GSE) will from Monday, August 28, suspend the trading activities of five listed companies on the Exchange. The managers of the domestic bourse say the decision is due to the failure of the said companies to meet their continuing listing obligations despite several promptings to do so. The five companies are…
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BoG cautions public against online scheme ‘MONIDOUBLA’
The Bank of Ghana has cautioned the public to stay away from doing any business with the online financial scheme; MONIDOUBLA. The said entity’s operations involve mobilizing funds and making payments to its community members via mobile money platforms. The central bank in a statement copied to Citi Business News on Thursday said that MONIDOUBLA…
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Banks’ NPLs hit 8 billion cedis – BoG report
The Non-Performing Loans (NPLs) of commercial banks in Ghana has reached GH¢7.96 billion as at June 2017. The figure went up from the GH¢6.09 billion recorded in the same period in 2016. The latest Banking Stability report by the Bank of Ghana shows that the NPL ratio has also gone up to 21.2 percent from…
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Collapse of UT and Capital banks – A case of a collective national failure (Article)
As an entrepreneur who appreciates the challenges to surmount in order to build flourishing businesses with positive ramifications for society, the collapse of UT and Capital Banks can only be seen as a reflection of our respective individual negative traits, deficient national character and the weak state institutions coupled with our ineffective educational system. The…
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BoG to commission audit into UT, Capital banks’ operations
The Bank of Ghana is to commission a team of auditors into the operations of UT and Capital Banks as it investigates the circumstances surrounding the collapse of the two banks. This is to follow an approval from the Public Procurement Authority as the central bank is resorting to sole sourcing in the selection of…
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Capital, UT banks’ collapse: BoG unblocks accounts of key managers
The Bank of Ghana has begun unblocking accounts of key managers of UT Bank and Capital Bank following investigations into the activities of the two banks leading to their collapse. This is contrary to media reports that the central bank has frozen the accounts of top managers and Directors of the two banks as it…
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PwC to determine fate of UT Bank shareholders – GSE Boss
Shareholders of UT Bank may have to wait a little longer until their fate is determined by the relevant transaction partners in the takeover of UT and Capital bank by GCB Bank. This is the indication from the Managing Director of the Ghana Stock Exchange (GSE), Mr. Kofi Yamoah. According to him, the benefits or…
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UT, Capital Bank insolvency: BoG to punish persons found culpable
The Bank of Ghana (BoG) has served notice it will punish any individual or persons whose actions may have led to the collapse of UT Bank and Capital Bank. The Governor of the Bank of Ghana, Dr. Ernest Addison explains that the move is to sanitise the banking sector and make it more robust. The…