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External Auditors also responsible for collapse of banks


The Institute of Internal Auditors Ghana, is blaming board of directors for influencing and coercing external auditors to change financial statements of banks and companies in order to make them look good. According to the institute, most external auditors sideline internal auditors when auditing their financials. The assertion comes at the back of concerns raised by some financial observers on ...

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Reports on my role in Capital Bank collapse ‘incorrect’ – Ato Essien

William Ato Essien

The Director of defunct Capital Bank, William Ato Essien as described as “factually incorrect” the Bank of Ghana’s report that implicates him in the collapse of the bank. In a statement issued on his behalf by his lawyers, Ato Essien, who was the majority shareholder in the bank revealed that he has been under investigation by the Economic and Organized ...

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GHS23.9m money from collapsed Capital Bank legal—IFS Capital

ifs capital

IFS Capital Management Limited has clarified that money paid to it by defunct Capital Bank was legitimate. According to IFS Capital, the 23.9 million cedis was paid in respect to accumulated debts owed to them by the defunct bank and as such not an illegitimate payment. In a release, IFS Capital also explained that the money was paid after a ...

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Banks collapse: BoG failed in supervision – Economist

Prof. Godfred Bokpin - Head, Dept of Finance at UG

Economist, Prof. Godfred Bokpin has said that, the Bank of Ghana (BoG) is to blame for the woes of banks in the country. Ghana is currently experiencing a period of banks’ struggles with many analysts calling for pragmatic measures to address the issue. Speaking on Eyewitness News  on Wednesday, Prof. Bokpin indicated that, the BoG must take full responsibility of ...

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How Capital Bank managers used BoG cash to establish Sovereign Bank

capital bank

The management of now-defunct Capital Bank used liquidity support given by the Bank of Ghana as capital to secure a license for another collapsed bank, Sovereign Bank. The report cites an emergency board and Executive Committee meeting on October 13, 2015, which notes concern with the manner in which the Ghc 610 million liquidity support to the struggling bank was ...

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Amoabeng hid GHC 5m loan payment from UT Board – Report


An investigative report into the operations of now-defunct UT  and Capital Banks has revealed that some payments were made to former Chief Executive Officer and Director of U.T Bank, Mr. P.K Amoabeng from a loan defaulting entity, Kofi Jobs Limited. The loans which amounted to GHC 5m were never disclosed to the Board of the U.T Bank. The report also ...

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Capital Bank Board squandered BoG cash – Report


The then-Board Chair of the now-defunct Capital Bank, Dr. Mensa Otabil is suspected to have been party to the misuse of liquidity support given the bank by the Bank of Ghana (BoG), according to an investigative report sighted by Citi News. The report cites an emergency board and Executive Committee meeting on October 13, 2015,  over the use of GHc 610 ...

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NIC approves take over of Esich Assurance


The National Insurance Commission (NIC) has approved a takeover of Esich Life Assurance by a foreign company. The process is to be completed by the end of this month, August 2018. The decision follows the company’s inability to solve liquidity challenges it has been facing, which has also affected the payment of claims to clients. The troubles of Esich Life ...

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Bank of Ghana’s warning ‘unfortunate’ – Menzgold


The management of trading company Menzgold Ghana Company Limited has expressed grave concerns over the Bank of Ghana’s (BoG) threat of taking punitive actions against them. The company said the BoG’s warning was ‘unfortunate.’ The central bank had indicated that it was moving against Menzgold. According to the regulator, Menzgold, which is known as a precious minerals trading company, is ...

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KPMG exonerates itself from Unibank, Royal bank awards


Auditing firm, KPMG has dismissed media reports suggesting that it has a role to play in the 2017 Banking awards in which some of the five collapsed local banks were rewarded. The comment also follows the appointment of KPMG to assist the Bank of Ghana as a receiver of the collapsed banks. According to KPMG, its role as analysers of ...

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