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Tag Archives: Bank of Ghana

Deposits still major source of funds for banks – BoG report

Customer deposits still remain a major source of revenue for commercial banks. As a result, commercial banks also bear greater responsibility to their customers in earning interests on such deposits. The latest banking sector report by the Bank of Ghana shows that deposits accounted for 62.5 percent of the banking industry’s assets as at December 2017. According to the central ...

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32 banks fail to comply with financial statement publication rules (Article)

Bank of Ghana

If there’s one thing I’ve learned over the years, it’s that little/small things matter. When I moved out of Ghana to US and Canada, one thing that I have seen separate Ghana from those two countries is that the little things matter. Sometimes we blame other people for the state of affairs of our country, but I think 99% of ...

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BoG stops unwarranted loans to ‘cronies’ with new corporate rules

Directors of banks and other specialized deposit taking institutions cannot operate without disclosing their interests in their places of work. Also, the central bank has directed the full disclosure of conflict of interest guidelines by such institutions to tame adverse impacts of delayed loan repayments. The rules are part of new corporate governance directives issued by the Bank of Ghana ...

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Bank of Ghana; the Gov’t of Ghana’s Holy Grail

“Bank of Ghana appoints official administrator for uniBank Ghana Limited” I’m sure it came as a surprise to many players in the financial sector. It’s simple, KPMG has been appointed by BoG to take over the helm of affairs at uniBank to try and rehabilitate the bank within a period of six months, and return it to regulatory compliance. After ...

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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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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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10 things to know about the uniBank takeover [Infographic]

uniBank is once again dominating the news after the Bank of Ghana announced that it had taken over the management of the indigenous bank and appointed KPMG to run it. As the story unfolds, here are 10 points to keep note of, including the fact that uniBank failed to comply with a directive of the Bank of Ghana to stop granting new ...

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adb, uniBank saga: Shareholders chose profits over devt – Toma Imihere

Financial Analyst, Toma Imirhe has suggested that the decision to increase the profits of adb could have influenced the pledging of shares by some shareholders of the bank to uniBank. According to him, the continuous existence of government’s ownership in adb and the likelihood for the government to influence resource allocation, could have impacted the profits of the bank therefore ...

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BoG clamps down on illegal microfinance companies

The Bank of Ghana (BoG) is to outline new reforms to sanitise Ghana’s microfinance industry. The reforms are expected to among others provide a comprehensive plan by the central bank to improve activities in the microfinance industry. It also comes on the back of reports of customers losing their investments to some microfinance institutions when their operations have been suspended ...

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