Tag: Nana Otuo Acheampong
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Panic withdrawals: Don’t be anxious of capital flight – Nana Otuo
Banking Consultant, Nana Otuo Acheampong has downplayed effects of the ongoing panic withdrawals that have hit local banks. It follows fears that the situation could lead to capital flights which will distort economic growth considering the magnitude of withdrawals that may be involved. The uncontrolled withdrawals embarked on by customers of banks and specialized deposit…
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GH¢400m capital: Remaining 3 months optimum for banks
Barely three months to the deadline for meeting the minimum capital requirement for banks still presents an opportunity for more banks to hit the mark. That is the assertion of Banking Consultant, Nana Otuo Acheampong. He explains to Citi Business News the banks whose capital may not have reached the 400 million cedis level, still…
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New BoG Directive to prevent bank collapse – Nana Otuo
Banking Consultant, Nana Otuo Acheampong is hopeful that the new directives on Financial Holding Companies should avert possible collapse of banks in the near future. The Bank of Ghana in its latest directive for the financial sector, has outlined the operation of Finance Holding Companies which insists on restricted areas they cannot venture. The Directive…
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16 banks left to their fate over minimum capital
The sixteen (16) banks yet to meet the minimum capital requirement will have to expedite processes to tap into available options before the December 31 deadline hits them in the face. That is the advice from Banking Consultant, Nana Otuo Acheampong. He explains that since such major decisions will require time, it will be appropriate…
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‘Wholesale’ banking licenses injurious to industry – Nana Otuo
Banking Consultant, Nana Otuo Acheampong has implored Savings and Loans companies to exercise restraint in their quest to operate as banks as the implications could be dire. The Ghana Association of Savings and Loans Companies earlier warned that unfavorable conditions in the industry is compelling most of their members to pursue universal banking status. The…
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Sanction Menzgold if found culpable – Nana Otuo
The Bank of Ghana must invoke its power to sanction Menzgold if it views its activities as flouting provisions of the Banks and Specialized Deposit-Taking Institutions Act (Act 930). According to Banking Consultant, Nana Otuo Acheampong, failure to punish the company over possible grounds of breaching the law may result in a repetition of the…
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Banking Consultant rejects money laundering claims against Otumfuo
Banking Consultant, Nana Otuo Acheampong has clarified that the Asantehene Otumfuo Osei Tutu II could not have been engaged in any act of money laundering considering the failure of any swift action over the allegation leveled against him. He explains that even though the deposits ordered by the traditional leader triggered a suspicion of money…
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Banks have 1 year to meet new capital
The central bank has given commercial banks in the country up to the end of next year – December 2018, to meet the new minimum capital requirement. The central bank has announced that in accordance with section 28 (1) of the Banks and Specialized Deposit Taking Institutions Act 2016 Act (930) it has revised upwards…
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Be measured in expectations of new gov’t – Nana Otuo Acheampong
Businesses may have to be moderate in their expectations of the new government in addressing their concerns immediately. This is the suggestion from Banking Consultant, Nana Otuo Acheampong. His advice comes on the back of renewed calls by various business associations on their expectations following the inauguration of President Nana Akufo-Addo. The calls have largely…