Tag: BoG
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BoG annuls acquisition of adb shares by Belstar & 3 others
The Bank of Ghana(BoG) has annulled the acquisition of shares in ADB Bank limited held by four investors. The investors are Belstar Capital, Starmount Development Company Limited, SIC Financial Services and EDC Investments Limited. A statement from the Bank of Ghana on the matter said that the order is pursuant to section 55 of the…
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BoG limits reappointment of Directors, CEOs of insolvent banks
Former managers of financial institutions who have been implicated in any act of insolvency or folding up of their companies risk not assuming any managerial role within the banking industry. This is because the central bank is getting tougher with its rules governing the financial sector. The latest guideline to be issued by the Bank…
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BoG sets ground rules for mergers & acquisitions
Banks seeking to acquire other banks or merging to become a bigger entity may start heaving a sigh of relief as the Bank of Ghana discloses guidelines to facilitate any such process. The move also forms part of the means by the commercial banks to meet the new minimum capital requirement by the Bank of…
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Cedi’s free fall: GCB Bank expands FX business
GCB Bank has disclosed of a major expansion drive to increase the trading in foreign exchange to help businesses get access to major international trading currencies. GCB Bank tells Citi Business News that it is increasing the scope of FX trading to minimize the impact of the shortage of foreign currency in the system. The…
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GCB Bank falls on income surplus for minimum capital
GCB Bank is to move 400 million cedis from its income surplus to help it meet the new minimum capital requirement set by the Bank of Ghana. As a result, the bank should achieve capital of 500 million cedis. Commercial banks have till December 2018 to meet the minimum capital requirement of 400 million cedis.…
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BoG enforces banks’ Capital Requirement Directive
The Bank of Ghana has started the implementation of its new Capital Requirement Directive for banks, effective July 1, 2018. The Capital Requirement Directive sets the requirement by which banks will calculate their level of capital as spelt out under the Banks and Specialised Deposit-taking Institutions Act. The Bank of Ghana says its implementation of…
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BEIGE Bank nears GH¢400m minimum capital
The BEIGE Bank has announced that it will be able to meet the new minimum capital requirement for banks before the December 2018 deadline. The bank, in a statement to Citi Business News said that its current financial position shows that it is about 100 million cedis shy of the 400 million cedis minimum capital.…
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Gov’t defends measures to halt cedi depreciation soon
The government has maintained that it has put in place robust measures to halt the free fall of the cedi in the coming weeks. According to Dr. Gideon Boako, Spokesperson for the Vice President, Dr. Mahamudu Bawumia, efforts to reduce inflation and increase the availability of foreign reserves, point to a foreseeable halt in the…
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BoG sanitizes fintech industry with new laws
The Bank of Ghana says it will strictly enforce the yet to be passed Payment Systems to sanitize the financial sector. The central bank has bemoaned what it says is the proliferation of fintechs in Ghana’s financial system. Currently, there are seventy-one fintechs providing solutions to businesses and individuals. Following the impact of cyber fraud…
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Ishmael Yamson steps down as Board Chairman of Stanchart
The Board Chairman of Standard Chartered Bank, Mr. Ishmael Yamson has announced his resignation from the position effective June 30, 2018. His resignation comes after serving in that capacity for thirteen years; from 2005 to 2018. Mr. Yamson announced his resignation at the bank’s Annual General Meeting (AGM) on Thursday, June 7, 2018. Speaking to…