The Chief Executive Officer of Eurostar Limousine, Oscar Yao Doe, has been invited by the police to assist with investigations over the collapse of five indigenous banks. Oscar Yao Doe, in a statement released by police, is to report himself to the Ghana Police’s Special Investigations Team looking into the collapse of the banks. READ … Read more
The public’s confidence in Ghana’s banking sector has been completely destroyed in recent times. From collapsed banks to micro finance companies having to assault customers rather than paying them, it’s a very difficult time for the industry.
Jobs are being lost, people are losing money and worse of all, confidence is crumbling which if not arrested could have a ripple effect on the entire industry.
Kennedy Ohene Agyapong, Member of Parliament for Assin Central has blamed the officials of the Central Bank of Ghana (BoG) for the collapse of the five indigenous Banks in Ghana.
According to the controversial politician, the officials at the bank of Ghana should be arrested first before any other punishment is given to the managers of the collapsed banks.
The head of the think tank IMANI Ghana, Franklin Cudjoe, has waded into the issue of the Bank of Ghana’s increasingly fraught decision to revoke the licence of uniBank, which among all the other banks seems to have been dealt with the most unfair of hands.
According to Franklin Cudjoe, examining the facts on the ground makes it clear that the Bank of Ghana are not acting in the best interest of the financial sector as they claim but for their own parochial interests which might be politically motivated.
Former governor of the Bank of Ghana and majority shareholder of uniBank, Dr Kwabena Duffour, has sued the Bank of Ghana over the recent collapse of uniBank.
In a suit filed at the High Court at Accra, Dr Duffour calls for the Central Bank to invalidate the licence of the Consolidated Bank, which was formed by the BOG to take over the five collapsed banks, including uniBank.
The shareholders of uniBank Ghana Limited have issued a statement condemning the leak of the KPMG report upon which the Bank of Ghana took the decision to collapse their bank when they themselves have not been served with a copy despite repeated requests.
The shareholders convey their anger and disappointment at not being given the chance to defend themselves by receiving a copy of the report but are now being tried in the court of public opinion due to the leak.
The closure of the indigenously owned uniBank continues to raise eyebrows as it becomes increasingly clear that best practices were not followed and that the decision might have had other motivations aside simply saving the financial health of the Ghanaian economy.
As already made clear in an impressive article by Mark Kofi Poku, the Bank of Ghana violated several laws of natural justice in their closure of uniBank, ranging from not taking their side of the story into consideration, refusing to pay the substantial debts the government owed the bank which would on their own have made the bank financially healthy and even failing to take into consideration the fact that the bank procured a loan from an international source which would have saved it as well.
The recent closure of UniBank and four other banks by the Bank of Ghana (BOG) to form the Consolidated Bank has raised many questions concerning the process undertaken to arrive at the final decision of collapsing these banks.
The BOG gave different reasons for why each bank was deemed a failure and shut down but the haste with which the decision was taken and the failure of the central bank to attempt even the perfunctory of measures to revive the banks involved truly raise questions about the motive behind the decision and whether the BOG acted as a fair arbiter or a biased tyrant.
The Bank of Ghana recently announced that acting under Act 930, it has revoked the operational licenses of 5 Banks, on grounds specified by the said Act.
The Central Bank on Tuesday, August 1, revoked the licenses of Unibank Ghana, Construction Bank, Sovereign Bank, Royal Bank and Beige Bank to form the Consolidated Bank of Ghana—under two set of grounds.
The issue of doom prophecies on the life of Ghanaian celebrities by some Prophets in Ghana has been on the rise since the death of RuffTown records’ Dancehall diva, Ebony.
A lot of self-acclaimed prophets of God have been threatening celebrities with death prophecies, of which none has come to pass.
Certain documents and reports circulating on social media about a supposed takeover of uniBank by another bank and auctioning of the shareholders’ assets ARE ALL NOT TRUE, a source close to Bank of Ghana (BOG) has said.
“uniBank at the moment is under Official Administration by KPMG, who are now playing the role of Management. The Shareholders are supposed to collaborate with them in the process and I have information that they are collaborating very well at this stage,” the source added.
uniBank has sought to clarify some stories floating around that the company has taken over the Agricultural Development Bank (ADB).
In a statement issued Wednesday, March 7th, the company said that their acquisition of majority shares in ADB does not amount to a ‘takeover’ as being reported by the media.
Fully owned Ghanaian bank, uniBank, has made a massive move in the banking industry to place itself in a very strong and competitive position.
The company has acquired 51% shares in the Agricultural Development Bank (ADB), making it majority shareholder and thus operator of the bank and its activities going forward.
Empire Entertainment has finally listed the Music acts to headline it’s 7th Edition of Ghana Meets Naija 2017 at an official launch today.
Surprisingly, the official list omits Sarkodie and Tekno as previous reports suggested. Still surprisingly, M.anifest and Nigeria’s ‘Bad Guy’ Falz shows up in the list and they are to face each other during the West African concert.
