The BOG’s head of banking supervision, Raymond Amanfo, served notice that banks in serious financial distress could be closed by the Bank of Ghana if they fail to recapitalize.

With the recapitalization rule, the BOG is likely to adjust the minimum capital of banks from Ghc60 million to Ghc400 million.

Banks that might fall short of meeting this requirement are likely to liquidate or merge with stronger ones.

Energy Bank’s Executive Director, Issac Shedowo, has described the BOG’s move as the wisest decision needed to sanitize the nation’s banking sector.

He spoke to Citi Business News on the sidelines of the Energy Bank, Tamale Branch’s customer service week celebration, dubbed, “Think service, think Energy Bank.”

He advocated that weak banks should form synergies ahead of the proposed recapitalization policy’s implementation.

“Energy Bank will meet the Bank of Ghana’s recapitalization ultimatum and we are ready to work with other banks that cannot meet the BOG’s directive provided they have the same strategy and focus.”

“More mergers are likely in the emerging Ghanaian economy and synergies will be a win-win situation.”

He also applauded Ghana commercial bank’s takeover of Capital and UT banks, saying, “The BOG did the right thing with regards the takeover of Capital and UT banks by the commercial bank.”

He reassured their customers saying, “We are moving our services through technology and innovation to meet your aspirations.”

The Executive Director voluntarily opened a Ghc200.00 kid account for the luckiest two-year old boy, Wuninmi Yussif, whose mother brought him there to deposit money.

The Tamale Branch Manager, Daniel Akasuza, appreciated the customers’ loyalty, and urged them to remain the bank’s strong pillar.

Daniel Akasuza said management will solidify its relationship with customers by providing them unparalleled services.

“You customers are the pillar of the bank, and we will always provide you the best banking services to improve our customer satisfaction.”

Some of the joyous customers gave testimonies of the bank’s quality services and unmatched customer satisfaction.

They praised the Executive Director, Issac Shedowo, for allaying their fears ahead of BOG’s new directive’s implementation.

The Energy Bank, Tamale branch, is located within the heart of the Tamale business city near the old market.

The Bank was incorporated in September 2009, as a privately owned financial institution. and it is licensed to carryout universal banking services.

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By: Abdul Karim Naatogmah/citifmonline.com/Ghana

The post Energy Bank lauds BOG’s recapitalization directive appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to the said tape which went viral in the mass media, President Mahama “made” disparaging remarks about Ashantis, claiming they were ungrateful to his administration.

The Ministry of Information later announced that the said tape was doctored to discredit President Mahama.

The Criminal Investigations Department headquarters has since picked the matter up for investigations.

However, President of AFAG, Dr. Nana Ayew Afriyie in a Citi News interview described the investigations as needless.

He challenged the CID to be professional and neutral in handling such issues.

“We are not in a police state that the police will always be used to interfere into issues that affect the moral fabric of the society.”

He added, “I think this attempt by the police to interfere in this issue is absolutely needless.”

Dr. Afriyie described as cover up attempts by the Ministry of Information to justify that the President’s speech was doctored by releasing another tape meant to be the original.

By: Abdul Karim Naatogmah/citifmonline.com/Ghana

The post AFAG condemns CID investigations on Mahama tape appeared first on Citi 97.3 FM - Relevant Radio. Always.