Daily Archives - February 24, 2020
24Feb

Financial sector clean-up: Printing money to pay depositors a bad idea

Economist, Prof. Peter Quartey, has shot down the proposal for government to consider the printing of more money to settle claims of depositors of collapsed financial institutions. He believes printing more money will have serious implications on the country’s budget deficit which is the difference between government’s revenue and expenditure. His comments follows Renowned Economist, Kwame Pianim’s suggestion that the government...

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24Feb

Rural Banks told to strengthen internal control systems

The ARB Apex Bank Limited has advised boards and managements of Rural and Community Banks (RCBs) to strengthen their internal control systems and adhere strictly to sound governance standards to guarantee their survival. The Apex Bank said it was critical RCBs ensured compliance of statutory and regulatory requirements; “because that is the only way to ensure that our banks survive...

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24Feb

GCB Bank to launch novel G-Money mobile wallet service on Jan 30

GCB Bank will officially launch ‘G-Money’, an industry first mobile wallet service on 30th January, as part of its commitment to driving financial inclusion in its strategic objectives. This comes after the Bank’s receipt of approval from the Bank of Ghana (BOG) on 25th November, 2019 to create electronic value backed by equivalent cash to serve customers. Apart from affording customers...

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24Feb

UT, Capital Bank were defiant – BoG

The Central Bank has revealed that local banks whose licences were revoked were rude and thought they could disregard the authority of the Bank of Ghana (BoG). According to Dr Ernest Addison, Governor, Capital Bank for instance, refused to cooperate with potential private sector acquirers and would not even allow due diligence to be carried out. Speaking at the 71st Annual...

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24Feb

We remain vigilant to sustain financial stability – BoG

The Bank of Ghana has reiterated its commitment to remain vigilant to sustain the progress made in restoring stability and confidence in the financial sector to forestall a recurrence of such malaise. According to the First Deputy Governor, Dr. Maxwell Opoku Afari, the reforms undertaken by the Central Bank has restored public confidence and financial sector stability, and as such...

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24Feb

ADB capital hits GHS700m after private placement

The Agricultural Development Bank (ADB) has successfully raised GHS127 million from a private placement that began a few weeks ago. This is equivalent to approximately 18% of the new issued share capital with the support of its new shareholder Ghana Amalgamated Trust (GAT). ADB's issued share capital has now increased to GHS700 million. At the same time, the total number of ordinary...

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24Feb

‘We gave banks more room to restructure’ – BoG

Central Bank Governor, Dr. Ernest Addison has explained how most local banks whose licences were revoked were given ample time to right their wrongs but their managements could simply not do so. Speaking at the 71st New Year School at the University of Ghana, Legon, he stated, “From the initial briefing we received from technical assessments (Asset Quality Reviews) carried...

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24Feb

GhIPSS to undergo diversification

Over the next five years, 2020 to 2024, the Bank of Ghana will embark on the diversification of the Ghana Interbank Payment and Settlement Systems (GhIPSS) with regards to both operational mandate and its ownership base. As a result of this process, the share ownership structure of GhIPSS is expected to witness increased private sector participation, hence reducing its dependency...

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24Feb

Receivers recover less than ten percent of locked GH¢16.6 billion

Receivers for the nine collapsed banks, who have been chasing customers, directors and shareholders for more than GH¢16.6 billion in locked up loans, have only been able to retrieve an amount less than eight percent more than two years after the process started. According to the governor of the central bank, the amount retrieved is about GH¢1.2 billion, which represents...

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24Feb

Republic Bank awarded as Oil and Gas Financial Service Provider 2019

Republic Bank Ghana, a subsidiary of the Republic Financial Holdings Limited, has been awarded the Oil and Gas Financial Service Provider of the Year 2019 title at the Ghana Oil and Gas Awards, held at the Movenpick Hotel in December 2019. The award is in recognition of the bank’s support to the Oil and Gas Industry in terms of Financing,...

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