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 […]
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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 […]
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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 […]
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Introduction: After reading the succinct analysis on the above subject matter by Samuel Alesu-Dordzi, I am inclined to break my usual norm as a passive observer, to respond for the first time on this “going-places” portal (Ghana Law Hub). A Deposit Protection Insurance as my learned friend espoused is to do inter aliathe following; “provide the […]
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The recent collapse of 7 commercial banks has generated a lot of interest and discussions. In spite of these discussions, not much has been said about the deposit protection angle to this matter. This article, therefore, considers the role of a functional deposit protection scheme in averting a banking crisis and taking care of the […]
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Messrs Twumasi Ankrah and Nartey in different articles concerning the legal consequences of the operation of Menzgold Ghana Limited were unanimous on one point: that money goes beyond funds and cash. Both of them relying on the Black’s Law Dictionary came to the conclusion that the word ‘money’ in the context of the Banks and […]
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The Bank of Ghana (BoG) in furtherance of its supervisory powers under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) has embarked on a ‘house’ cleaning exercise within the banking and financial sector with the aim of, among others, sanitizing and bolstering confidence in the sector. This exercise has led to the BoG […]
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In November 2017, the Bank of Ghana (BOG) via notice[i]cautioned the public against transacting business with Menzgold Ghana Company Limited (Menzgold). The notice further stated that anyone who continues to transact business with the company “does so at his or her own risk, and the Bank of Ghana will not be liable to such clients […]
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The conversation relating to the August 1, 2018 announcement of the ‘collapse’ and so-called ‘consolidation’ of the five banks[1]went from taking stock of the intensity of what had happened and quickly veered into what ought to be the personal liability of the directors and management involved with these banks. Over the rest of the week […]
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While the majority of players and stakeholders in the financial space welcome the recent Bank of Ghana (BOG) intervention regarding the recent the ‘collapse’ of the five banks[1]and the creation of the new Consolidated Bank Ghana Limited (CBG), this move has generated some uncertainty over the legal dimensions of the regulator’s intervention. In the news, we have […]
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