The popularity of Real Estate Investment Trusts (REITs) is on the rise globally and Ghana is no exception. This is driven by investors’ need for a more financially flexible way to invest in various segments of the real estate market. In Ghana, investors are also turning to REITs instead of traditional investment products following an...
Voice Summary: Introduction Businesses, be it Limited Liability Companies, Sole Proprietorships, Partnerships etc in Ghana like elsewhere exist with the aim of maximizing profit. Shareholders or persons who invest in such businesses by way of shares have an expectation that the company will keep being a going concern, make profit and declare dividends for the...
Frederick Gurah Sampson Esq and Roselyne Kaledzi Esq Introduction. The Bank-Customer relationship usually commences with the account opening processes. This is the stage where the banks onboard their customers. The type of account opened for the customer is indicative of the kind of relationship that may exist between the bank and the customer during the...
By: Frederick Gurah Sampson (Legal Department, Zenith Bank Ghana Limited) & Roselyne Kaledzi (A-Partners@Law) What happens when the Garnishee pays out the money to the Judgment Creditor pursuant to the Garnishee Order Absolute of the Court? When the Garnishee pays out the money under the Court Order, the Garnishee is discharged from any obligation he...
Authors: Frederick Gurah Sampson (Legal Department, Zenith Bank Ghana Limited) & Roselyne Kaledzi (A-Partners@Law) Introduction Parties go to court or resort to any other dispute resolution mechanism (arbitration, mediation etc.) with the hope of getting a favourable determination and enforcing same. When the dispute comes to an end, whether after a full-blown trial, summary, or default...
Banks and Specialized Deposit Taking institutions (SDTIs) exist to provide financial solutions to their Customers. In doing so, they largely take deposits and grant credit facilities to Customers. Credit Facilities come in several forms/types ranging from Contingent Liabilities (Bid Guarantees, Bank Guarantees, Performance Guarantees, Advanced Payment Guarantees, and Retention Guarantees), to Loans, Overdrafts, Finance Lease,...
The Plaintiff, a bank incorporated in Nigeria, desirous of expanding its business operations in Chad opened an account with Banque Commercial Du Chad (BCC) which is based in Chad. The Plaintiff deposited an amount of $6,000,000 into the account to meet the minimum capital requirement to open a bank in Chad.
Under Act 180, the liquidator’s role was simply to identify the assets of the banks, sell them and use the proceeds to settle the debts owed to the customers, workers and other debtors. But there was a problem. The assets of these two banks were not enough to take care of the deposits of the...
Ghana’s Banking sector has experienced a number of significant changes in the past year. Of all these changes, the Bank of Ghana’s revocation of the banking licences of seven indigenous banks will be on the minds of many for some time to come. In the midst of the current bank collapses, you would think this is...
A survey of the reporting of the still on-going issues surrounding the banking sector in Ghana reveals that many of the problems associated with the banking sector have been attributed to ‘weak corporate governance’[1]. A careful examination of the facts surrounding the collapse of the seven banks over the last two years shows that at...