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      Pregnant JHS student killed, head cut off

      2 lovers arrested for killing Chinese boss 

      WASSCE candidate delivers baby while writing English paper

      CCTV captures woman allegedly stealing baby at Ajumako market

      Canada: 17-year-old wanted for killing Ghanaian immigrant in shooting

      Canada: 17-year-old wanted for killing Ghanaian immigrant in shooting

      3 uniformed policemen steal GH¢18,000, seize Mercedez Benz at gunpoint

      Over 500 axed from Ghana’s security services after recruitment audit

      Hearts demanded ¢100, 000 from Kuffour’s JAK Foundation before they would play Kotoko

      Kufuor demands respect and inclusion; laments marginalisation by NPP

      African Union must reform to stay relevant – Nigeria’s Buhari

      Nigeria declares public holiday to honour former leader who died aged 82

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      Sean ‘Diddy’ Combs to be sentenced on October 3

      Shatta Wale dumps Hearts for Kotoko

      Shatta Wale to headline 2025 President’s Cup this weekend at the Accra Sports Stadium

      I spent $500,000 on Ibrahim Traoré movie –Lil Win

      I spent $500,000 on Ibrahim Traoré movie –Lil Win

      Medic who tweeted about Kuami Eugene’s health condition confirms 3-month suspension

      My life turned around after a trip to Volta Region – Kuami Eugene 

      Sarkodie, Darko Vibes,King Promise will perform at Africa Fan Zone at Paris Olympics – French Embassy

      Sarkodie sues Ecobank over lookalike advert

      The gospel music industry is pure evil – Esther Smith

      The gospel music industry is pure evil – Esther Smith

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      • Wendy Shay
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      Axel Tuanzebe sues former club Manchester United over medical advice

      Axel Tuanzebe sues former club Manchester United over medical advice

      We are reviewing the practice of camping players at a ‘clubhouse’ – Sarfo Duku

      We are reviewing the practice of camping players at a ‘clubhouse’ – Sarfo Duku

      Video: How Tottenham introduced Stonebwoy’s song to Kudus

      Video: How Tottenham introduced Stonebwoy’s song to Kudus

      Maracana stadium to be named after Brazil legend Pele

      Pelé is the GOAT – Trump

      Arsenal close to finalising Gyokeres deal

      Arsenal close to finalising Gyokeres deal

      President’s Cup 2025: Kotoko claim victory over Hearts after coming from a goal down

      GFA approves Kotoko’s trip to South Africa for friendly against Kaizer Chiefs

      Asante Kotoko investigating Justice Blay’s controversial comments

      Asante Kotoko investigating Justice Blay’s controversial comments

      Big Boost for Asante Kotoko as Justice Blay resumes training 

      Asante Kotoko summon three players over Justice Blay’s explosive allegations

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      Palmer inspires Chelsea to beat PSG in Club World Cup final

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      Kenya drops visa requirements for all African countries

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      Lab-grown cheese is coming. But would you eat it?

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      Ghana’s Chef Abbys makes TIME’s 100 Most Influential Creators list

      Mpox cases rise to 170 with 7 new infections

      Mpox cases rise to 170 with 7 new infections

      KATH doctor dies over lack of laboratory for treating ‘heart attack’

      KATH doctor dies over lack of laboratory for treating ‘heart attack’

      Single women contributed more to the spike in HIV/AIDS than men – Study

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        This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

        This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

        Songo, the African tribe where children are raised by their uncles

        Songo, the African tribe where children are raised by their uncles

        Manhyia puts a ban on funerals in Asanteman

        Details of the symbol of authority of the Ashanti Region, the Asanteman flag

        The story of the Ghanaian professor emeritus who did not attend secondary school

        The story of the Ghanaian professor emeritus who did not attend secondary school

        The intriguing history of the ancient Egyptian bust that looks like Michael Jackson

        The intriguing history of the ancient Egyptian bust that looks like Michael Jackson

        Meet the African tribe that offers free sex to guests

        Meet the African tribe that offers free sex to guests

        Meet Kobena Sekyi, the educated elite who never wore European clothing

        Meet Kobena Sekyi, the educated elite who never wore European clothing

        This African tribe from Togo and Benin were experts in penis enlargement way before plastic surgery

        This African tribe from Togo and Benin were experts in penis enlargement way before plastic surgery

        Who is the real Yaa Asantewaa

        Who is the real Yaa Asantewaa

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      Failed banks’ directors to be ‘jailed’ – Akufo-Addo declares

      Failed banks’ directors to be ‘jailed’ – Akufo-Addo declares
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      President Akufo-Addo has given an assurance that there will soon be prosecution of all those found culpable in the collapse of some private banks that put the banking sector and the entire economy on the brink of collapse.

      “No one found complicit will be spared,” he said at the media encounter in Accra on Wednesday evening.

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      Former managing directors of the defunct banks and top directors, including Dr. Kwabena Duffuor II, uniBank; Johan Rheeder, Sovereign Bank; Mike Nyinaku, Beige Bank; Osei Asafo, Royal Bank and Pastor Mensa Otabil of the defunct Capital Bank, among others, are all under investigations for the roles they played in the collapse of the banks.

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      Some of the directors, including William Ato Essien of Capital Bank, have been accused of diverting funds from their banks and undertaking insider trading to deny the respective banks of the needed funds to operate.

      In August, 2017, the Bank of Ghana (BoG) closed down two indigenous banks, namely UT Bank and Capital because they were said to be under capitalised and beyond rehabilitation.

      BoG subsequently appointed the Ghana Commercial Bank (GCB) to take over the two banks, and in August 2018, five additional banks, namely Royal Bank, Sovereign Bank, Beige Bank, uniBank and Construction were merged into an entity known as the Consolidated Bank of Ghana Limited due to capital inadequacy as reported by the Central Bank.

      Some of the collapsed banks were said to have acquired their operating licences through fraudulent means.

      Cost of failure

      President Akufo-Addo told journalists that “there is no doubt that the failure of the seven banks came at a cost to the Ghanaian taxpayer and staff of the affected banks.”

      He, however, stated that the decisions taken by the Bank of Ghana and the financial support government provided through the establishment and funding of Consolidated Bank Ghana Limited ensured that deposits of more than 1.5 million customers with deposit values of over GH¢10 billion and about 70 per cent of the 5,000 jobs in the affected banks were saved.

      “This was important to alleviate the severe adverse outcomes that could have occurred. It is important that the costs of these interventions, which were borne by taxpayers, are recovered to the extent possible through recoveries from debtors, shareholders and related and connected parties who took money from the defunct banks,” he explained.

      The President said that “the receivership processes are ongoing, and the receivers are making great strides in their recovery efforts, amounts in excess of GH¢400 million have so far been recovered by the Receivers of the two banks closed last year.”

      SIT

      President Akufo-Addo said a Special Investigations Team (SIT) has been put in place to undertake criminal investigations into the failure of all the seven banks.

      He said the failed banks allegedly misapplied the taxpayers’ liquidity support instead of channelling the government’s facility to revive the dwindling fortunes of the banks.

      “The Bank of Ghana is conducting its own internal investigations into the conduct of its officials (past and present) that could have facilitated wrongdoing at these banks,” he added.

      President Akufo-Addo said that his administration inherited a financial system that was under a considerable state of distress with banks that were known to be insolvent as far back as 2015 and banks that had been licensed without the requisite capital required.

      Some of these banks, he said, were surviving day-to-day only by virtue of liquidity support from the Bank of Ghana with the underlying problems that plagued them remaining unresolved.

      “To protect depositors’ funds, as well as prevent contagion from these failed banks to the rest of the financial system, the new administration of the Bank of Ghana took some courageous measures in the public interest to clean up the banking system and to put it on a stronger and more resilient path,” he said.

      He said the recapitalisation efforts by banks have been very successful so far, with about 22 banks already meeting the new minimum capital of GH¢400 million well in advance of the 31st December deadline.

      “The 22 banks that have met the new requirement include a good number of indigenous banks, while a few others are in the final stages of meeting this requirement.

      “I am confident that at the end of the exercise, we will have a stronger, more resilient banking sector with a strong indigenous presence, well positioned to finance the next phase of our agenda of economic growth,” President Akufo-Addo added.

      He said he was determined to lead a government that would build “stronger and more resilient banking sector.”

      source: Daily Guide 

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