The Joint Receiver of the collapse banks and microfinance institutions has revealed that some customers are yet to receive their monies. According to Mr Eric Nipa, some customers sent in their claims late while others had no information to validate their claims because their institutions had already collapsed before the revocation of licence. Hence, when the government released GH₵6.5billion, it was...
Sale of Treasury bills, an important instrument that aids government domestic borrowing shot up marginally by 14.8%. This is a turnaround from the recent mixed developments in the auction of the short term instruments. According to auctioning by the Bank of Ghana, the government secured GH¢1.34 billion as against a target of GH¢1.17 billion. However, majority of the sale came from the...
The Ghana Association of Bankers is set to hold an emergency meeting to discuss the issue and other developments relating to the carting of currencies in and around the country. This follows an attack on a bullion van yesterday around Korle Bu in Accra, in which two persons including a policeman providing escort were killed. The Inspector General of Police, James...
Despite the ravages of COVID-19, the Association of Rural Banks (ARB) Apex Bank Limited, has recorded the highest profit before tax (PBT) of GH₵5.9 million. This is an increase of 482 per cent over the previous year, the highest PBT in more than 10 years. The Bank’s total operating income also grew from GH₵65 million in 2019 to GH₵75.3 million, a...
The Joint Receiver of the collapse banks and microfinance institutions has promised to clear all outstanding claims of the remaining depositors latest by 24 months. According to Mr Eric Nana Nipa, there is currently an excess of over GH₵1 billion that needs to be paid to depositors who submitted their claims after the deadline on July 4th 2020. He explained that...
Consolidated Bank Ghana (CBG) is the country’s fifth-largest bank by assets, according to Business24’s review of banking sector performance for the 2020 financial year. The bank, which was created by the state in 2018 through a consolidation of seven problem banks within the industry, held GH¢9.96bn of assets on its books in 2020, which represented an increase of 43.5 percent from GH¢6.94bn...
The Accra High Court will on July 8, this year, rule on a submission of “no case” filed by the Founder of the defunct Capital Bank, William Ato Essien, and three others accused of stealing depositors’ funds leading to the collapse of the bank. The other accused persons are the then Managing Director of the bank, Fitzgerald Odonkor, and Tettey...
The Ghana Stock Exchange recorded its highest monthly trading value so far this year, as value of shares traded hit GH¢72 million cedis in May 2021. This represented a month-on-month increase of 134%. The month of May 2021 also recorded its second highest monthly volume of trading of 58.9 million shares changing hands. The volume and value traded represented an increase of...
Government is being urged to collaborate with the rural and community banks for a successful implementation of the new Development Bank of Ghana. That’s according to Dr Tony Aubynn, the Board Chairman of the ARB Apex Bank which the mini-central bank for the rural and community banks. Government this month signed €170 million agreement with the European Investment bank to establish...
Accra, June 5, GNA -The African Development Bank Group and the Securities and Exchange Commission (SEC) have signed a $400,000 grant agreement to develop a risk-based supervisory solution for the Ghana capital market. The grant, from the African Development Bank’s Capital Markets Development Trust Fund, will finance the provision of technical assistance and capacity building for the SEC,...
