Saturday 8 August 2020 ,
Saturday 8 August 2020 ,
Latest News
  • 8 more deaths take flood death toll to 169
  • First Covid-19 vaccine to get registered on 12th Aug in Russia
  • Bangladesh’s Covid-19 cases surpass 2.5 lakh
  • 27 more die, 2,851 new cases reported in 24 hours
  • Mountaineer Reshma killed in road crash
  • TikTok threatens legal action against US ban
  • Coronavirus cases worldwide pass 19 million
  • Bangladesh among global hotspots of series of floods: Study
  • WHO says ‘vaccine nationalism’ cannot beat virus
20 August, 2018 00:00 00 AM
Print

Ghana comes out of banking crisis

Central Bank issues $1.2 billion bond
AFP

Ghana is backpedalling out of a banking crisis as the government takes on debt to save a troubled sector and vows to punish the executives responsible, reports AFP from Accra. Early in August, Ghana’s central bank revoked the licenses of five local banks and combined them into one—the newly created state-run Consolidated Bank—issuing 5.8 billion cedis ($1.2 billion) in bonds to clear their debt.

The Bank of Ghana (BoG) accused the collapsed banks of a range of issues, including poor corporate governance, questionable transactions and dishonest reporting.

The merger was just one step out of many that President Nana Akufo-Addo’s government has been forced to take in order to reform Ghana’s rotten banking sector, brought close to collapse as a result of bad governance and weak lending.

This past week, Ghana’s deputy central bank governor Elsie Addo Awadzi said in an interview that law enforcement agencies will “further investigate criminal behaviour” connected to the failed banks.

Ghana faces a “now or never” decision to clean up the banking sector, economist Eric Osei-Assibey told the news agency.

“This central bank is carving a niche for itself. It is beginning to bite and that alone could engender some confidence in the medium and long term,” Osei-Assibey said.

The banking intervention will add to Ghana’s already high debt burden, said Razia Khan, Africa economist at Standard Chartered, in a note to investors earlier this month.

 

Comments


Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting