Ghanaian governor accuses failed banks of malpractice
Ernest Addison says some banks used “pretence” and shareholders took large sums
Ghana’s central bank is merging five troubled banks into one new lender, Consolidated Bank Ghana, its governor, Ernest Addison, announced on August 1.
Addison accused shareholders and senior managers at the various banks of extraordinary and possibly illegal behavior.
He said three of the banks had obtained their licenses through “false pretences”. Shareholders and “related and connected parties” had removed extremely large sums of money from two other banks, Addison added.
The central bank
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial reporting
IMF staff propose updated ‘new arrangements to borrow’
Fund’s second line of defence is already being scaled back under quota reforms
Central banks face a capital framework imbalance – should we care?
Most economists say clear recapitalisation frameworks are important. But many central banks still lack them
ECCB reports record profit of EC$80.2 million
Central bank attained highest-ever profit in last fiscal year, after loss of EC$54 million
BIS profit rises as balance sheet grows
Institution close to completing five-year strategic plan, as deposits hit record high
MNB posts historic $4.74 billion loss in 2023
Central bank act amendment precludes immediate recapitalisation
RBI payout to Indian government more than doubles
Dividend boosts public finances as new government set to take office in early June
Riksbank needs a capital injection, says governor
Swedish central bank estimates it would need close to Skr80 billion
Ghana opposition demands governor resign
Parliamentary leader threatens march after Bank of Ghana reports $5.4 billion loss