Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has revealed that banks that are currently operating in the country are conforming to best practices following the clean-up exercise undertaken recently. He noted that the banking is now profitable liquid and solvent owing the recapitalization exercise which resulted in the collapse of some nine local banks. Speaking at the monetary...
he Bank of Ghana has indicated its resolve to scrutinize compensation package policies of universal banks to ensure that remuneration for key management personnel including Chief Executive Officers are linked to the performance of the banks and quality of its assets. The Governor of the Central Bank, Dr Ernest Addison, addressing journalists at the 91st monetary policy press briefing, added...
Cost of borrowing may not go down at least before the year ends as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 16 percent. This was announced after the final meeting of the committee for 2019. The policy rate is the rate at which commercial banks borrow from the central bank The policy rate...
The President of the Institute of Directors Ghana, Rockson Dogbega, says blatant disregard for the principles of good corporate governance structures is largely the reasons why most indigenous companies don’t survive beyond their founders. According to him, family relations and sometimes acquaintances often fail to follow laid down procedures, leading to the collapse of companies. Even though the phenomenon of...
The Human Right division of the Accra High Court has set December 18 to determine whether it has the jurisdiction to sit over the case brought to it by Dr Papa Kwesi Nduom against the central bank and receiver of the savings and loans companies. Dr Nduom is praying the Court to revert the decision by the Bank of Ghana (BoG) to...
The Securities and Exchange Commission, SEC, says it has not yet set a date to end the filing of validation for claims by customers of the defunct fund management companies since it wants to cater for as many investors as possible. The Commission says the move is necessary to assure customers and rebuild confidence in the investment market. Validation processes...
The Chartered Institute of Bankers Ghana says the financial sector clean-up carried out by the Central Bank is already yielding positive results in the industry. Although there have been several arguments for and against the manner in which the exercise was done, the Institute insists the clean-up was necessary to build a robust financial system. The shakeup in the financial sector...
