Tag: Ghana Business News
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UT Bank collapse: Prince Amoabeng breaks one year silence
The Founder of defunct UT Bank, Prince Kofi Amoabeng has denied reports that he failed to account for 5 million cedis debt repayment to the Board which contributed to the revocation of the bank’s license in August 2017. In his major public comment after the revocation of the bank’s license over a year now, Mr.…
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Gov’t, Finatrade’s GH¢220m debt led to our collapse – Royal bank
The Royal bank is blaming the government for contributing to the bank’s woes and subsequent revocation of its license. The bank believes it would have been avoided in the consolidation had the government paid its 150 million cedis debt to the bank. A report on the Royal bank’s correspondences with the central bank to resolve…
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Post harvest losses: Govt tackles issue with warehouses
The Ministry of Food and Agriculture has disclosed to Citi Business News that it has commenced processes for the establishment of fifty warehouses in the country before the end of this year, 2018. This follows an earlier promise by President Akufo Addo that government will construct a warehouse in every district of the country to…
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![One year on; Receiver still pursuing UT, Capital cash [Audio]](https://citibusinessnews.com/wp-content/uploads/2018/04/Vish-Ashiagbor-2-1.jpeg)
One year on; Receiver still pursuing UT, Capital cash [Audio]
Interested parties to benefit from proceeds of the disposal of assets and liquidation of same of defunct UT and Capital banks may have to wait a little longer. This is because the Joint Receiver for the defunct UT and Capital banks, Pricewaterhouse Coopers has stressed that the processes, majority of which are legal, could take…
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Capital bank collapse: Ato Essien, two others owed GH¢79.9m
An internal report on the erstwhile Capital bank has shown that the bank’s founder, William Ato Essien and two others, were indebted to the bank to the tune of 79.9 million cedis (GH¢79,937,812) as at the time the bank collapsed. This represented about 60 percent of the total Third Party Funds. The report mentioned William…
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133 new items added to inflation basket
The Ghana Statistical Service has announced the rebasing of the calculation of the Consumer Price Inflation effective July this year. This means that the reference year for calculating the change in the prices of goods and services at any particular point, has moved from 2012 to 2017. According to the Ghana Statistical Service, the move…
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UT Bank collapse: Ibrahim Mahama denies blame over loan default
The CEO of Engineers and Planners (E&P), Ibrahim Mahama, has refuted allegations that his non-payment of a GH¢302,000,000 loan facility granted to four companies reported to be his, resulted in the collapse of defunct UT Bank. He has also disputed claims that he owns the said companies; Dzata Cement, Holman Brothers Ltd and MBG Ltd.…
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Leaked UT, Capital bank report independent of investigations – PwC
The Joint Receivers of defunct UT and Capital banks, PricewaterhouseCoopers (PwC), has ruled out any impact of disclosures on questionable dealings by the former directors and shareholders, on its investigations. Documents sighted by Citi Business News have showed that the former shareholders of the two banks, engaged in related party transactions among other unapproved activities…
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GRA to stop tax evasion with new exemptions law
The Ghana Revenue Authority is to review the country’s tax exemption laws to address revenue losses. The GRA is concerned that the wholesale exemptions have resulted in exploitation where some beneficiaries eventually evade taxes completely. The comments also come at a time where the government is enforcing its tax laws. The Commissioner in charge of…
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Ministerial reshuffle: Expectations of business related ministers
Expectations for ministers affected by President Akufo Addo’s reshuffling are high. The President, in his first reshuffle, moved fifteen ministers, three of whom are those whose portfolio affects the business related sectors of the economy. The first is the current Aviation Minister, Cecilia Dapaah who is heading to the Ministry of Sanitation and Water Resources.…