Banking and Finance

Overview of Ghana’s Deposit Protection Scheme

May 31, 2018

2016 was a challenging year for the Ghanaian Banking sector. Reports of microfinance institutions folding up were rife. “Owners” of these financial institutions were disappearing mysteriously. The hard-earned savings of many were in jeopardy. Something had to be done. The then President, John Dramani Mahama in his State of the Nation Address (Delivered on Thursday, […]

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Overview of BOG’s Corporate Governance Directives

May 21, 2018

Banking in Ghana began in the 1890s when Standard Chartered Bank (Ghana) Limited established its first branch in Accra. This was followed by the opening in 1917 of a Barclays Bank branch. Until 1953, these two banks were the only commercial banks operating in the country. Then the Bank of the Gold Coast was set […]

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Unibank vs UT Bank and Capital Bank: Spot the Difference?

March 22, 2018

The Bank of Ghana (BOG) on March 20, 2018, appointed KPMG as “official administrator” of Unibank Ghana Ltd (“Unibank”). According to the BOG, the appointment of the official administrator is to save Unibank from imminent collapse and prevent losses to depositors and creditors. This is the second time the BOG has intervened in the operations […]

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Are Banks Allowed to Name and Shame Defaulting Customers?

February 28, 2018

In 1896, the Bank of British West Africa (which later became the Standard Chartered Bank) opened its first branch in Accra. Between 1920-1950, the Bank of British West Africa and Barclays Bank were the only banks operating in the Gold Coast[1]. The banking landscape has since changed and Ghana now has over 35 banks. But […]

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Digital and Virtual currencies in Ghana: Did the Bank of Ghana miss the road?

February 2, 2018

The Bank of Ghana in a recent notice[1] headed “Digital and Virtual Currency Operations in Ghana” sought to clarify the Ghanaian position on digital and virtual currencies in Ghana. Significantly, the notice informed the general public that operations in digital and virtual currencies are illegal and “… activities [operations in digital and virtual currencies] are […]

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