Wilful loan defaulters could soon face a five-year ban from accessing credit from any regulated financial institution in Ghana. The new Bank of Ghana (BoG) directive also requires commercial banks and other regulated lenders to publish the names of such defaulters twice a year, on June 30 and December 31, in at least two national […]
The Ghana Association of Banks president, Kwamina Asomaning, has made a strong case for heightened ethical training in the banking sector, stressing the need for mandatory programs to combat fraud and unethical behavior among bank staff. Speaking on PM Express Business Edition on Joy News, the Managing Director of Stanbic Bank Ghana did not mince words about […]
Among the various types of fraudulent activities recorded in banks in Ghana in 2023, five stood out and came atop. They were; cash theft, cyber/email fraud, fraudulent withdrawals from accounts, forgery and manipulation of documents, and cheque fraud. Of the five, cash theft emerged as the topmost fraud recording a loss value of GH¢14.8 million […]
Banks in Ghana wrote off GH¢4.33 billion as bad debt in 2023, a 79.2% reduction over that of 2022. In 2022, the total bad debt was estimated at GH¢20.8 billion. The bad debt was classified as loan losses, depreciation and others. According to the Bank of Ghana, banks reported lower impairments on financial assets in […]
The Inspector-General of Police (IGP), Mr. James Oppong-Boanuh has reminded the Association of Bankers to provide fortified armoured vehicles for carting currencies by the close of June, 2021, or the police will withdraw its officers from escort duties. The Police Service says the provision of fortified armoured vans has been agreed with the Association of […]
While talking with a female bank manager, she made a scary revelation to me. She told me how Nigerian bank vaults are filled with monies of dead men who kept their bank accounts secret from their wives. She explained it was against bank ethics or policies for an account officer to inform the relatives of […]
