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Business

CAL Bank records GH¢145m profit in 2017

CAL bank has posted a profit after tax of 145.2 million cedis for 2017. This is a significant improvement over the previous year’s figure of 7.2 million cedis. Despite this, the bank still acknowledges the impact of the legacy debts in the energy sector on its loan books. In the first of Citi Business News’ series of report on the performances ...

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NIB launches 55th anniversary celebration

The 55th anniversary celebration of the National Investment Bank (NIB) was launched at the Swiss Spirit Alisa Hotel last Monday. The anniversary LOGO was unveiled by the Special Guest of Honour, Vice President, H.E. Dr. Mahamudu Bawumia,  assisted by the Board Chairman of NIB, Togbe Afede XIV. Other dignitaries including the Minister for Finance, Ken Ofori Atta, MDs and CEOs of ...

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uniBank to challenge takeover by BoG

Management of insolvent indigenous Ghanaian bank, uniBank, has indicated that it will work to reverse the takeover of the bank by the Bank of Ghana (BoG). According to the Reuters News Agency, management of uniBank is of the view that the BoG did not meet the requirement to notify them before announcing the takeover. A legal adviser to uniBank, Dominic ...

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Local banks’ struggles due to poor corporate governance – Assibey-Yeboah

Dr. Mark Assibey-Yeboah

The Chairman of Parliament’s Finance Committee, Dr. Mark Assibey-Yeboah, has attributed the challenges facing some indigenous financial institutions to bad corporate governance practices. Dr. Assibey-Yeboah said the appointment of blood relations and friends into executive positions at the expense of competence and the establishment of business lines without the required capacity are some of the key reasons why some local ...

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Ailing Microfinance firms owe 700,000 depositors GHȼ740m – BoG

Bank of Ghana

The Bank of Ghana (BoG) has revealed that 37 percent of licensed Micro Finance Institutions that entered 2018 are distressed or have collapsed. This has contributed to the GHȼ740.5 million which is owed to an estimated 705,396 depositors in distressed or folded up Micro Finance Institutions (MFIs)  and Rural and Community Banks (RCBs). The BoG governor in a statement warned that ...

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Proposed cargo fumigation levy suspended indefinitely

Government has ordered the indefinite suspension of the proposed fumigation levy for shippers. The policy, was aimed at fumigating all imported cargo upon arrival at the ports. However, a statement signed by the Information Minister, Mustapha Hameed and copied to Citi Business News said, “After extensive consultation between the government and various stakeholders, the Economic Management Team has instructed that the proposed ...

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Govt suspends import VAT on phones, day-old chicks, others

Government has suspended the charging of import VAT on some 64 commodity groups effective Wednesday, March 21, 2018. The decision was arrived at after extensive consultation between the government and various stakeholders. Citi Business News understands that the charges had been implemented since the 1st of March this year. The traders of such commodities comprising mobile phones, day old chicks, outboard motors ...

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We’ll save uniBank first, probe management later – BoG

The Bank of Ghana (BoG) has said establishing wrongdoing on the part of the hierarchy of uniBank is not its key focus, after the Central Bank took over management of the indigenous financial institution. The BoG’s 2nd Deputy Governor of the Bank of Ghana, Elsie Awadzi said the takeover of uniBank is primarily to keep it from collapse. “We do have information ...

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Nigeria missing as Africa agrees deal for Continental Free Trade

African leaders have signed an agreement to set up a massive free-trade area to improve regional integration and boost economic growth across the continent. The deal to create the African Continental Free Trade Area (AfCFTA) was signed at an extraordinary summit in Kigali, Rwanda by representatives of 44 of the 55 African Union (AU) member states. “Our peoples, our business community and ...

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Nine other banks could collapse if… – Banking Consultant

unibank ut bank capital

A credit consultant, Emmanuel Akrong has predicted that nine of the over 30 banks in Ghana could collapse if nothing is done immediately to save them. Although he failed to name the ailing financial institutions, he said those banks have serious asset quality challenges which have affected their capital strengths and may force them into insolvency along with UT Bank, ...

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