BUSINESS

Founder and Board Chairman of GN Bank, Dr. Papa Kwesi Nduom has traced back the history of GN Bank, detailing how the founders worked hard to build what has become today, the bank with the widest footprint in Ghana and has crossed the continents, including Africa and the USA. Dr. Nduom was engaging in an educative television programme dubbed, ‘Made ...

An exclusive financial autopsy report into the collapse of Capital Bank has revealed its majority shareholder, Ato Essien used ¢80m of depositors and public funds for his personal piggy bank. The exclusive report to Joy News shows Mr Ato Essien who founded the bank, “flouted all banking and risk management rules” in the management of monies saved there by its customers. ...

Financial Analyst Joe Jackson has predicted up to 80 per cent job losses as a result of the collapse of some five local banks in the past week. Consolidated Bank Ghana Limited was recently formed by the Bank of Ghana (BoG) when it fused together five struggling local banks, including The Beige Bank, Sovereign Bank, The Royal Bank, uniBank and ...

Lawyers for gold trading company Menzgold have rejected claims by the Precious Minerals Marketing Company (PMMC) that the company’s licence has been revoked. It follows ongoing disagreements between Menzgold and the Bank of Ghana over its operations. Managing Director of PMMC Opare Hammond is claiming Menzgold is not licensed to buy and sell gold as suggested by the company. According ...

The Executive Chairman of the McDan Group, Dr Daniel McKorley says he is ready to do business with the government of Ghana after more than 2 decades of abstinence. Speaking Wednesday on Starr Chat Dr McKorley said the move was because he found the environment under the New Patriotic Party (NPP) “favourable.” “My business has been solely private. I don’t ...

The Christian Council of Ghana wants the Central Bank to go beyond closing down banks over irregularities to prosecuting officials. The Bank of Ghana has closed down seven banks so far for allegedly breaching financial regulations – UT, Capital, Beige, Construction, Sovereign, Royal, uniBank. It recently amalgamated five of the local banks into the Consolidated Bank of Ghana. Speaking at ...

Kantanka Automobile Company has revealed plans of venturing into spare part production on a commercial scale. General Manager of the company, Francis Kudjordzi has said moves are underway to secure the necessary approval for commercial production. He is optimistic the move will help cut down on the importation of vehicle parts into the country thereby creating more jobs locally. This ...

Perhaps tired of being a Savings and Loans company after three years, ambitious shareholders of First Capital Plus planned to become a bank but they needed ¢60m. It has turned out they did not need ¢60m, they needed the BoG to just look the other way. And in December 2013, they did. According to an exclusive report, the central bank ...

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 ...

It has emerged that top government officials and agencies were involved in the renegotiation of the botched controversial AMERI deal which led to the sacking of the Energy Minister Boakye Agyarko. A memorandum accompanying the Novation and amendment deal and in possession of Starr News proves the involvement of several other government agencies including the Ministry of Finance, the Attorney ...