{"id":414812,"date":"2018-04-02T06:00:44","date_gmt":"2018-04-02T06:00:44","guid":{"rendered":"http:\/\/citifmonline.com\/?p=414812"},"modified":"2018-04-02T08:34:48","modified_gmt":"2018-04-02T08:34:48","slug":"32-banks-fail-comply-financial-statement-publication-rules-article","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2018\/04\/32-banks-fail-comply-financial-statement-publication-rules-article\/","title":{"rendered":"32 banks fail to comply with financial statement publication rules (Article)"},"content":{"rendered":"
If there’s one thing I’ve learned over the years, it\u2019s that little\/small things matter.<\/p>\n
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.<\/p>\n
Sometimes we blame other people for the state of affairs of our country, but I think 99% of our problems are self-inflicted.<\/p>\n
If you are a bank in Ghana, make no mistake you are competing with other countries for capital and interbank dealings, an investor & treasurer will most likely chose a bank that was on time to publish its Financial Statement.<\/p>\n
March 29, 2018 was the deadline according to subsection 2b of section 90 of the Banks and Specialized-deposit taking Institutions, Act 2016 (Act 930) for all Banks in Ghana to publish their full financial statements (FS)\u00a0and not the condensed FS on their websites.<\/p>\n
At end of the day, only 2 banks had so far done the right thing: Societe General Ghana & CalBank.<\/p>\n
What surprises me is that the head-office of 13 foreign controlled Banks have published their group annual FS.<\/p>\n
With this attitude, how can a bank from Ghana raise bonds outside, I do hear Nigeria Banks raising Eurobonds etc. but I have not heard of such story about banks from Ghana raise any Eurobonds.<\/p>\n
So my questions are as follows;<\/p>\n
Honestly, I don\u2019t see the issue we have in Ghana, it is simple, you agree your FS notes and everything with auditors before December and auditors also audit 11 months up to December and come January, it is just the numbers.<\/p>\n
Here in Canada, aside from other roles I play in Bank, I lead a reporting team as well, we have October year end, by November we are done with everything and December first week we then publish the FS.<\/p>\n
Act 930<\/strong><\/p>\n (2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A bank or specialised deposit-taking institution\u00a0shall<\/p>\n (a)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In the case of a bank not later than\u00a0three months after the end of its financial\u00a0 year; or<\/p>\n (b)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In the case of a specialised deposit-taking institution not later than four months after the end of each financial year,<\/p>\n furnish the Bank of Ghana with a\u00a0copy of its audited financial statements\u00a0together with the\u00a0auditor’s statutory and long form audit reports; and cause\u00a0the financial statements together with the auditors’ reports to be published on its website if any\u00a0and in at least two daily newspapers of national circulation.<\/p>\n (3)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A bank or specialised deposit-taking institution which fails to comply with this section is liable to pay to the Bank of Ghana, an administrative penalty of not more than one thousand penalty units.<\/p>\n –<\/p>\n Author: Emmanuel Akrong<\/p>\n Credit Consultant<\/p>\n","protected":false},"excerpt":{"rendered":" If there’s one thing I’ve learned over the years, it\u2019s 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, […]<\/p>\n","protected":false},"author":14,"featured_media":389844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,171,374,11],"tags":[793,18186,18388],"yoast_head":"\n\n