Tag: Ghana Business News
-
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…
-
Freight forwarders agitate over ‘drawbacks’ in paperless systems
Freight forwarders at the Tema Port have protested against the undue delays at the port in the wake of the pilot of the paperless transaction at the port. According to them, the paperless regime which is expected to be officially rolled out in September would jeopardize their work if nothing is done to correct the…
-
Pilot of paperless port systems kicks off today
Effective Friday, August 18th 2017, all agencies at the country’s ports will pilot the paperless clearing process ahead of official takeoff next month. The exercise is among others to identify the potential shortfalls and address them for a seamless transaction on September 1, 2017. According to officials, the pilot has become apparent considering the completion…
-
What to know about Capital Bank’s collapse (Audio)
Capital bank, an indigenous bank that transformed from a Savings and Loans Company has been assumed over by GCB Bank in a purchase and assumption agreement. It is emerging that the writings were clear on the wall a couple of years before this. What probably went wrong leading to this situation? The audio below gives some…
-
What to know about UT Bank’s collapse (Audio)
The Bank of Ghana on Monday, August 14, 2017 granted permission to GCB Bank to purchase UT Bank in a purchase and assumption agreement. The Central bank explained that the move has become apparent due to efforts to consolidate the country’s financial sector. But what reasons led to the collapse of the indigenous bank? The…
-
High fiscal deficit unattractive for long term bonds – Razia Khan
Government would have to work to reduce its fiscal deficit in the short to medium term else risk investment ditching its long term bonds. This is the caution from the Chief Economist for Africa Global Research at Standard Chartered Bank, Razia Khan. According to her, the government would need to readjust its debt management strategy…
-
Gov’t woos foreign investors for its $ 2.4 bn energy sector bond
Foreign investors have shown interest to buy government’s 2.4 billion dollar energy sector bond. Citi Business News understands this is the response following an international road show by the transaction managers for the energy sector bond. The Deputy Energy Minister in charge of Finance, Joseph Cudjoe who disclosed this to Citi Business News explained that…
-
Domestic air travel grows by 24% after 17.5% VAT slash
The removal of the 17.5% VAT on domestic air travel has increased Ghana’s domestic air passenger volume by 24 percent as at May 2017. The passenger volume has increased from 163,322 to 201, 851 between May 2016 and the same period this year. The Deputy Minister of Aviation, Kwabena Okyere Darko Mensah disclosed this at…
-
Manage UT & Capital Banks takeover to build investor confidence – Chamber of Commerce
Business Associations have impressed on the Bank of Ghana and relevant institutions to properly manage the takeover of Capital Bank and UT Bank in order not to erode investor confidence. They argue that the inability to control the transaction to protect the interest of affected businesses will ultimately affect economic growth. The concerns by the…
-
UT, Capital Banks staff to undergo skills assessment
GCB Bank has emphasized that it will undertake a skills assessment to determine the necessary action regarding employment following the takeover of UT Bank and Capital bank. The Managing Director of GCB Bank, Ray Sowah explains that the move will provide the necessary steps as to which staff should be retained or laid off. He…