Tag: BoG
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What to know; GCB takeover of UT, Capital Bank
Following the collapse of UT Bank and Capital Bank, and the subsequent takeover of the two banks by GCB Bank Ltd, the Bank of Ghana has issued a statement with FAQs (frequently asked questions) offering further clarification of the transaction. Q. Why has the Bank of Ghana decided to revoke the licenses of UT Bank…
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UT Bank customers rush to secure assets after GCB takeover
Following GCB Bank’s takeover of UT Bank, customers have scurried to branches of the bank in an attempt to secure their assets. The Bank of Ghana confirmed the takeover of UT Bank and Capital Bank by GCB Bank in a statement on Monday morning, announcing that it had “approved a Purchase and Assumption transaction with…
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GCB rebrands UT head office
The rebranding of one of the two collapsed Ghanaian-owned banks, UT Bank, which has been taken over by GCB Bank, has started barely hours after the Bank of Ghana’s announcement. Citi News’ Anita Arthur reported from the headquarters of UT bank at Airport that the bank’s logo on the building has been replaced with that of…
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UT, Capital Bank staff agitated over takeover by GCB
Information available to Citi Business News indicates that staff of UT Bank and Capital Bank are agitated over the takeover of the banks by GCB Bank. The staff who are reporting to work on Monday morning have been refused entry for the necessary processes to be completed. Citi Business News’ Anita Arthur reports from the…
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Ghana’s oil revenue rises by 67% in first half of 2017 – BoG
Latest figures have shown that revenue from Ghana’s oil production increased by 67 percent for the first half of 2017 compared to the same period in 2016. The semi-annual report on the Petroleum Holding Fund and Ghana’s Petroleum Funds shows that Ghana realized 191.32 million dollars in revenue in the first half of this year…
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Occupy Ghana demands probe into Menzgold saga
Pressure group, Occupy Ghana is demanding thorough investigations into the operations of Menzgold to protect consumers from any undesirable impact on the unsuspecting public. Occupy Ghana is among others concerned that the inability of the Bank of Ghana, the Securities and Exchange Commission (SEC) and the Minerals Commission (MinComm) to clarify the operations of Menzgold…
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Treasury Single Account to reduce govt’s borrowing – Ken Ofori Atta
Government is hopeful the operation of a Treasury Single Account (TSA) should reduce its borrowing in the long term. The move which has seen the moving of some monies in accounts at some commercial banks is aimed at strengthening the financial sector where government borrows less to crowd out the private sector businesses. Under the…
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New 1st Deputy Governor to shape monetary policy – Prof. Bokpin
Ghana should be on the path of achieving a strong monetary policy regime which is also in line with internationally accepted practices. That is the assertion of Economist, Professor Godfred Bokpin following the appointment of Mr. Maxwell Opoku-Afari as the First Deputy Governor of the Bank of Ghana. According to him, Mr. Opoku Afari’s international…
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Maxwell Opoku-Afari appointed First Deputy Governor of BoG
A Deputy Division Chief of the International Monetary Fund (IMF), Mr. Maxwell Opoku-Afari has been appointed as the new First Deputy Governor of the Bank of Ghana (BoG). Mr. Maxwell Opoku-Afari takes over from Mr. Milison Narh who announced his retirement on 31st July, 2017 during a courtesy call on the President Nana Addo Dankwa…
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Cedi stability drives mortgage rates down by 40%
Businesses want government to sustain efforts geared at stabilizing the cedi to foster growth. Following what they say is the relative stability of the local currency, the businesses fear they will be worse off should the minimal gains be eroded. A cross section of businesses that Citi Business News has been engaging in a review…