• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Over GH₵1 billion inter-bank investments locked up in Consolidated Bank

12/11/2018
Reading Time: 2 mins read
Consolidated_Bank
405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

A total of 1.4 billion cedis belonging to other financial institutions is locked up with the Consolidated Bank as management of the bank says it does not have the cash flow to pay bulk depositors.

Deputy MD of Consolidated Bank, Thiaru Ndugu who disclosed this at a Town hall meeting with workers of the bank, said depositors who invested their money with the collapsed Beige Bank, UniBank, Construction Bank, Sovereign Bank and Royal Bank would have to wait a little longer until it receives cash flow from the bond government issued to clear the mess after the revocation of the licenses of the banks.

“We are trying as much as possible to consult the customers and make them understand exactly what is happening. We were given a bond and that is the only cash flow we can pay the depositors with,” Mr. Ndugu explained.

He said owners of the affected companies have been threatening them.

“We held a meeting and we told them we can only match them to what the government gives us. The Governors were there. It was at the Bank of Ghana. It was a bit of nice and a bit of nasty experience with them. They threatened us, we explained the situation, and the Governors also explained it to them that it is the truth. So they told us to go and come back with a proposal so we are meeting them next week.”

Government announce a GHc 5.7 billion bond towards the purchase and assumption of all deposits and other good assets of the collapsed bank.

However the CBG is yet to cash the bond.

Other organizations also affected are government agencies and Pension and Asset Management Companies.

According to Mr. Ndugu, management had already met heads of the affected government agencies who have agreed on a payment plan.

“We met the government agencies and most have been profiled. The payment we agreed with them is five years from now at 7. 5 percent per annum.”

After the collapse of the five banks customers with huge investments have not been able to access their funds, a situation which has caused some Microfinance companies to be unable to pay customers’ deposits.

The Deputy MD therefore urged the workers to pass on the explanation to customers to avoid confrontations.

Previous Post

$3m Revenue loss: GRA bans 3 shipping Company from operating in Ghana

Next Post

Ghana needs GH¢3.3 billion to fund Free SHS fully – Prof Aryeetey

Related Posts

MostBet Registration Bangladesh

29/12/2023

28/12/2023

Праздничные подарки от 1 win насладитесь Новым Годом с дополнительными выгодами!

22/12/2023

How does the sizing of sp5der clothing run

22/12/2023

Azərbaycanda rəsmi sayt

20/12/2023

Mostbet Casino Azərbaycan üçün imkanlarını təqdim edir

20/12/2023
Next Post

Ghana needs GH¢3.3 billion to fund Free SHS fully – Prof Aryeetey

papa_kwesi_nduom

Gold Coast Fund Management pays 3000 Structured Finance customers

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2023 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2023 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In