28.2 C
Monday, June 5, 2023


Don’t sleep on your supervisory role – GNCCI to BoG

Related stories

We are satisfied with how our COVID funds were spent – World Bank

The Country Director of the World Bank in Ghana,...

Horrific accident caused by drunk police officer leaves 50 injured with 5 in critical condition

An accident involving four cars including a Resurrection Power...

School Feeding Programme: Gender Ministry promises to settle part of arrears this week

The Minister for Gender, Children and Social Protection, Lariba...

MFWA entreats Ghanaians to speak against corruption

The Media Foundation for West Africa (MFWA) has entreated...

Angry NDC supporters vow to defect to NPP over unresolved parliamentary primary disputes

Aggrieved supporters of the opposition National Democratic Congress (NDC)...

Inusah Fuseini labels galamsey as a manifestation of corruption

A former Ranking Member on the Constitutional, Legal and...

Anthrax kills 1 in Binduri, more infected

The Binduri District of the Upper East Region has...

Assin North: NDC won’t secure victory by sympathy vote in upcoming by-election – Nana B

National Organiser of the ruling New Patriotic Party (NPP)...
- Advertisement -

The Ghana National Chamber of Commerce and Industries has applauded the Bank of Ghana (BoG) for taking tough measures in an attempt to purge the banking system of Ghana.

The Bank of Ghana last week revoked the licenses of five universal banks, namely, Royal Bank, Construction Bank, Sovereign Bank, Unibank and BEIGE Bank. According to the central bank, the action was taken due to the inability of some of the banks to meet existing minimum capital requirement.

- Advertisement -

A statement issued by the Chamber called for the possible prosecution of officials from both the BoG and the affected banks whose actions and inactions resulted in the murky situation in the sector, while it urged the continuous inspection and enforcement by the BoG, which according to the Chamber is critical in ensuring financial stability in the country.

- Advertisement -

“It is the expectation of the Chamber that the current restructuring of the banking sector and the financial system will contribute to strengthen the real economy. The Chamber calls on BoG to strengthen its supervisory and regulatory mechanism,” the Chamber said in its statement.

Meanwhile, the Bank of Ghana has said it has presented the names of persons responsible for the collapse of the five banks to the Economic and Organized Crime Office (EOCO) for investigations as the new receiver starts work.

- Advertisement -

Officials say some of the troubled banks faced liquidity issues while others obtained their licences through dubious means.

The banks have been merged to form the Consolidated Bank of Ghana (CBG) Limited.

Source: kasapafmonline.com


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories