[contextly_sidebar id=”MSRv13L6xnU3uKuFQmDQHIRvGwtCwoS3″]Delivering a sermon on peace today [Sunday], Pastor Otabil who is Board Chairman of the Bank laughed the development off, saying : “The reality is what is happening now and I experienced quite a bit of that this week. Reality is when you hear stuff you don’t want to hear. When people are insulting you – people who have no right to insult you are insulting you. People who look like an insult to themselves are insulting you… but that’s reality. ”

While admitting to a turbulent week after the collapse, he also indicated that the development had taught him the hard lesson that there are persons who only rejoice over the misfortunes of others.

“There are people when you are down they feel up because they have been down for so long…There are people who will kick you when you are down and sometimes people you have helped will kick you when you are down, people you have encouraged will kick you when you are down and that’s the reality,” he said.

The Central Bank, a few days ago, authorized GCB to take over Capital and UT Banks.

The collapsed banks were “unable to develop an acceptable plan”, according to the BoG, which indicated in a statement that it made efforts to help UT Bank and Capital Bank recover via private alternatives.

The Central Bank said there were “repeated agreements between the Bank of Ghana and UT Bank and Capital Bank to implement an action plan to address these significant shortfalls.”

However, the owners and managers of UT Bank and Capital Bank were unable to increase the capital of the banks to address the insolvency.

Purchase and Assumption agreement allows GCB Bank to take over all deposit liabilities and selected assets of both UT Bank and Capital Bank, per section 123 of the Banks and Specialised Deposit-Taking Institutions (SDIs) Act, 2016 (Act 930).

The BoG in its statement said the GCB Bank took over UT Bank and Capital Bank “as part of efforts to extend their reach and grow their balance sheet to position them to support large transactions in a fast growing economy.”

GCB will take over all the depositors’ funds and will continue to provide normal banking services to customers and depositors of the two collapsed banks will now become customers of GCB Bank.

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By: Marian Ansah/citifmonline.com/Ghana
Follow @EfeAnsah

The post People insulted me after Capital bank’s collapse – Otabil appeared first on Citi 97.3 FM - Relevant Radio. Always.

During his sermon on peace today [Sunday] he recounted that “Monday was a fortunately good day for me. I was fine on Monday. Tuesday was a very bad day for me. Wednesday was a very terrible day. You go through this stuff and you wonder; wow, what a week!”

[contextly_sidebar id=”ROLvSUI09HMQF4Buxs1LsImO7vJKVIml”]But this experience only served to provide Pastor Otabil with another testimony of God’s goodness to him as he said, “on Thursday morning, I started feeling God’s favour.”

The pastor normally starts the preparation of his Sunday sermons on Tuesdays, however, “this Tuesday, I was not in a frame of mind for a sermon. This was not sermon Tuesday.”

“Wednesday definitely wasn’t a sermon Wednesday” either for Pastor Otabil, who faced some criticism for the running of the Capital Bank as revelations of negligence at its top level seeped into the public domain.

“But on Thursday, I got up, I picked my laptop, I opened it and Thursday, I put my ideas down like I normally do and all of a sudden, I just felt like a cloud just left my shoulders.”

The collapse of Capital Bank and UT Bank marked a seismic shift in Ghana’s banking sector. The two banks were heavily deficient in capital and liquidity.

It, therefore, became necessary for the Bank of Ghana to revoke their licenses and approve a Purchase and Assumption transaction to allow GCB Bank to take over deposits and selected assets of UT Bank and Capital Bank.

A leaked 2014 memo published in the Insight Newspaper in 2015 revealed that Capital Bank, then First Capital Plus Bank, was on the verge of collapse.

The bank’s Chief Executive Officer at the time even described the situation as a “time bomb” as he warned that Capital Bank had capitalization issues and may not be able to meet its obligations to its clients.

The memo addressed to the Board of the Bank, also outlined cases of mismanagement that had compromised their shareholder’s credibility and he urged that it take drastic and urgent steps to resolve the bank’s situation.

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By: Delali Adogla-Bessa/citifmonline.com/Ghana

The post Mensa Otabil admits to rough week after bank collapse appeared first on Citi 97.3 FM - Relevant Radio. Always.

The President said the cathedral will among others, serve as a venue for national religious events.

[contextly_sidebar id=”LLtUCXCQEXWeeaDQUjy1DypTZEkVd6KP”]The Board will be chaired by the former Head of the Methodist Church, Rev. Asante Antwi., with Rev. Charles Palmer-Buckle as Vice Chair of the Committee.

Other members include Duncan Williams, Dag Heward Mills, Rev. Kusi Boateng, Rev. Martey former Presby Moderator. Joyce Aryee and Pastor Mensa Otabil.

Some Ghanaians who believe the facility is unnecessary considering the fact that Ghana is a secular state have challenged the idea.

They have argued that government appears to be interfering in religious affairs by this decision.

A member of the Convention People’s Party (CPP), James Kwabena Bomfeh, has in that regard filed a suit at the supreme court challenging the president’s decision to build the cathedral, saying that the country as a secular state must not be seen to be getting involved in religious activities such as building a Christian cathedral and facilitation Muslim’s pilgrimage to Mecca.

Despite these concerns, President Nana Addo has reaffirmed his commitment to carrying out the initiative.

According to him, the project is dear to his heart, and will benefit Ghanaians when completed.

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By: Marian Ansah & Sammy Wiafe /citifmonline.com/Ghana

The post Duncan Williams, Otabil, others to oversee construction of national cathedral appeared first on Citi 97.3 FM - Relevant Radio. Always.