Skip to main content

Bank of Ghana merges five local banks.






The Bank of Ghana has consolidated five local banks into what it calls the Consolidated Bank Ghana limited.
The banks are Beige Bank, Construction bank, Royal bank, uniBank and Sovereign bank.
According to the Governor of the Bank of Ghana, Dr. Ernest Addison, some of the banks obtained their licenses through false means by presenting documents that painted a picture as though they could meet the new capital requirement.

“The government has recapitalized the consolidated Bank Ghana Limited to take on including all liabilities of these five banks. The government has also issued a bond of GHc5.76 billion to cover the gap between the liability and assets assumed by the Consolidated Bank.

The Consolidated Bank Gh. Ltd is expected to play a strategic role in the transformational agenda of the government,” he said.
Dr. Addison however assured clients of the affected banks that “your monies are safe.”

By: Godwin Akweiteh Allotey/citinewsroom.com/Ghana

Comments

Post a Comment

Popular posts from this blog

Ghana-Northern Region Trade Fair 2017 launched

The Northern Region Office of Ministry of Trade and Industry (MoTI) is to organize the Northern Trade Fair 2017 to showcase emerging opportunities in the region for business to take advantage of. The event, scheduled for October 10 to October 14, 2017 is expected to bring together over 500 entrepreneurs, craftsmen, manufacturers, producers, service providers amongst other stakeholders to market their wares. It is being organized by MoTI in partnership with Universal Marketing Consultancy Limited and Dansyn Ghana Limited on the theme: “Harnessing the Emerging Business Opportunities in the North for Economic Development through Trade and Commerce.” Alhaji Alhassan Issahaku, Northern Regional Coordinating Director, who launched the event in Tamale on Wednesday, said “the region has a lot of potentials which businesses can exploit and we are positioning the private sector to take advantage and grow their business.” He said the fair formed part of efforts to repositi...
Post a Comment
Read more

Ghana’s tourism industry to maintain annual growth rate of 5.1% in 2017

 Hon. Catherine Afeku –Minister For Tourism, Arts &Culture The hospitality sector in Africa’s emerging markets looks set to profit from foreign investment and an influx of foreign travelers. The emerging markets are set to post faster growth in revenue than their counterparts in developed countries, making them integral to the expansion strategies of some of the world’s leading hotel developers. Hospitality & Gaming Industry leader for PwC Southern Africa, Pietro Calicchio said “The growth potential of Africa is high mainly because of the rapid economic growth in some economies, a growing middle class and an increase in visits from foreign visitors. “The emerging markets are a sought after destination for foreign investors – it is in these markets where there is continued economic growth and a need for additional infrastructure. In addition, governments and policy makers are introducing a range of tax incentives and other inc...
Post a Comment
Read more

57 Oil Marketing Companies (OMCs) sanctioned for cheating customers

Fifty-seven oil marketing companies (OMCs) have been sanctioned by the Ghana Standards Authority (GSA) for engaging in various infractions detrimental to the interest of consumers. All the affected OMCs are in the Greater Accra Region. They were fined a total of GH¢261,000 for serving customers with lower volumes of fuel, using non-approved GSA seals and breaking GSA seals meant to stop cheating at the pumps. The acting Director-General of the GSA, Prof. Alex Dodoo, told the Daily Graphic in an interview in Accra on Wednesday that the companies were sanctioned within a 12-month period. He said the GSA undertook periodic checks on the operations of all OMCs across the country twice a year to ensure that they conformed to GSA standards. Breakdown Prof. Dodoo disclosed that 45 OMCs served their customers less fuel than the customers purchased and were accordingly fined GH¢5,000 each. Ten other OMCs, he noted, used pumps not verified by the GSA, for which reason they w...
Post a Comment
Read more