Ghana completed a cleanup of its banking industry in which lenders were required to raise their capital and improve governance, with two-thirds of them meeting the new requirements, Bank of Ghana Governor Ernest Addison said. The West African nation has “23 well-capitalized” banks, compared with 34 previously, which raised their holdings to at least 400 million cedis ($81.1 million), Addison told reporters Friday in the capital, Accra. Reforms announced in September 2017...
Fund manager of Gold Coast Securities, is expected to pay over GHc370,000 allegedly owed the customer, one Dr. Archibald Frederick McKenzie Badoe, who claimed the company has refused to give him back his investment. The woes of Group Nduom, chaired by Dr. Papa Kwesi Nduom, are far from over as the angry customer of one of their subsidiaries, Gold Coast Securities, won a lawsuit against the fund managers. The Economic and Organized...
The Bank of Ghana has downgraded GN Bank to a savings and loans company. This was after the central bank finished what it describes as the banking resolution requiring each commercial bank operating in the country to have a minimum capital of ¢400 million. At a news conference in Accra Friday, BoG Governor Dr Ernest Addison said Vish Ashiagbor of the international audit firm Pricewaterhouse Coopers has been appointed an advisor for...
Nigeria’s central bank had said $8.1 billion in dividends paid by MTN Nigeria to its parent company between 2007 and 2015 and sent back to South Africa were illegal and should be returned. South Africa’s MTN Group has resolved a dispute with Nigeria’s central bank and made a $53 million payment, the telecoms company said in a message posted on Twitter. Around two years ago MTN agreed to pay more than $1...
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