Former Minister of Finance, Mr Seth Terkper, has cast doubt on the ability of the recently passed Budget Responsibility Act (BRA), 2018 (Act 982) to fully achieve fiscal discipline in the country, describing it as a duplicate of the Public Financial Management Act (PFMA), 2016 (Act 921) and Petroleum Revenue Management Act (PRMA), 2011 (Act 851).
With the dust now settled on the clean-up of the universal banking sector, the Bank of Ghana (BoG) has given the strongest indication that it is now set to fully turn its attention on the savings and loans companies in the country.
Financial analyst and Member of Parliament for Bolgatanga Central, Mr Isaac Adongo, has accused the government of attempting to sell the ADB Bank and the National Investment Bank (NIB) through the Ghana Amalgamated Trust Limited support package for solvent but undercapitalised indigenous banks.
About six crewmembers have been reported missing following a pirate attack on the sub-Panamax container ship, the Mediterranean Shipping Company (MSC) off the coast of Cotonou, Benin in the Gulf of Guinea (GoG).
The former board of now defunct Heritage Bank Limited have described as “a grave injustice” the Bank of Ghana’s (BoG) decision to revoke the bank’s licence after alleging that its main shareholder was ‘not fit and proper’ to own a bank.
The Head of the Finance Department of the School of Business, University of Cape Coast, Prof John Gatsi, has said the Bank of Ghana has not been fair to Heritage Bank, saying that the regulator has set a “dangerous precedent” by withdrawing the local bank’s licence on the basis that its majority shareholder, Mr Seidu Agongo, is not “fit and proper” to own a bank because he was being prosecuted by the state in connection with an alleged GHS271 million Ghana Cocoa Board (COCOBOD) fertiliser scandal, which is pending before the high court.
The Ghana Oil Company Limited (GOIL) the nation’s foremost indigenous Oil Marketing Company (OMC) has set a pragmatic target of setting up 400 active modern filling stations across the country by the end of the 2019.
The Bank of Ghana (BoG) has completed a major clean-up of the banking sector, in the course of which the licences of nine banks have been withdrawn and over GH¢12 billion spent to protect depositors from losing their funds.
Management of defunct GN Bank has explained that its decision to operate as a savings and loans company was because it still wants to operate as a Ghanaian institution aimed at promoting financial inclusion and serving the needs of ordinary Ghanaians.