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...
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...
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...
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,...
The Bank of Ghana (BoG) has revamped its structures and procedures for licensing with more thorough due diligence and capital verification processes, following the clen up exercise that was carried out which resulted in the collapse of some nine domestic commercial banks, Dr Ernest Addison, Governor of the BoG, has said. He added that the BoG introduced an enhanced process...
The Bank of Ghana (BoG) says the current financial stability being experienced in the country is as a result of the prudent way it undertook the financial sector clean. Between 2017 and 2019, the central bank embarked on an exercise that saw over 420 financial institutions including banks, microfinance companies, as well as savings and loans companies among others been...
The Bank of Ghana has reiterated that the revocation of the licenses of some nine local banks was the right thing to do which saved the banking industry from systemic threats that could have significantly affected the Ghanaian economy. Addressing the New Year School organized by the University of Ghana, the Governor of the Bank of Ghana, Dr. Ernest Addison,...
President Nana Akufo-Addo has said all those believed to have contributed to the banking sector crisis that saddled Ghana’s financial sector would be arraigned soon to answer for their misdeeds. Addressing the 71st Annual New Year School and Conference themed: "Attaining Ghana Beyond Aid: Prospects and Challenges" at the Great Hall, University of Ghana, President Akufo-Addo said the state has...
The Bank of Ghana (BoG) on Wednesday called on the Police Service to help it to identify hidden and unlicensed financial institutions that might be operating secretly and possibly taking advantage of vulnerable customers. Mrs Elsie Addo Awadzi, the Second Deputy Governor of the BoG, who made the call, said although the BoG embarked on a clean-up of the Financial...
Absa Group Ltd, one of the largest diversified financial service providers in Africa, has concluded an agreement with the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, helping Absa expand financing across seven countries in Sub-Saharan Africa. In terms of the agreement, MIGA will issue guarantees of $497 million to Absa. The...
