Weekly Wrap: Court dismisses BoG’s suit, Ghana reacts to planned blacklist and more

Weekly Wrap: Court dismisses BoG’s suit, Ghana reacts to planned blacklist and more

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Defunct Capital Bank: Court dismisses BoG’s suit against Ato Essien

Accra High Court’s Commercial Division has given Ato Essien, founder of the defunct Capital Bank, the green light to challenge the revocation of the bank’s operating license by the Bank of Ghana (BoG).

The move comes after dismissal of BoG’s application which sought to plead with the court to set aside a counterclaim by Essien.

The counterclaim sought to challenge a suit filed against him and 15 other shareholders of the defunct bank with respect to their alleged roles in the collapse.

READ ALSO: Banks offer flexible credit facilities to firms despite high default risk

Ghana reacts to planned blacklist by European Commission in October; calls for suspension

The Ghanaian government has called on the European Commission (EC) to suspend a planned blacklist of 22 states in October 2020.

The call follows a decision by the Commission to suspend the countries, including Ghana, following reports of money laundering and terrorism.

YEN.com.gh understands the EC, which is the executive branch of the European Union (EU), earlier published a list of High-Risk Third Countries and Anti-Money Laundering and Terrorists.

Development Bank Gh to be established in September; gov’t to mobilize $500m seed fund

YEN.com.gh has learned that the government is set to establish the Development Bank Ghana (DBG) in two months.

Information available shows that the bank would be resourced with seed fund to the tune of $500 million.

In line with the plan, the government is currently holding discussions with four international financial institutions to ensure that the bank is established by September 2020.

A graphic.com.gh report lists the partner institutions as KfW, the World Bank, AFD and the European Investment Bank (EIB).

It has been gathered that the partners intend to raise the $500 million for the bank latest by December 2021.

Weekly Wrap: Court dismisses BoG’s suit, Ghana reacts to planned blacklist and more
Ken Ofori-Atta, Minister of Finance Source: The Ghana Report
Source: UGC

NBSSI and Mastercard announce jobs slots for almost 40,000 Ghanaians

The National Board for Small Scale Industries (NBSSI) and Mastercard Foundation have teamed up to create 39,000 jobs in Ghana.

The two bodies, through a three-year programme known as Young Africa Works, will focus the it on young people.

YEN.com.gh understands that the programme is particularly focused on young women, who are expected to make up about 70% of the participants.


Petroleum Holding Fund for 2020 Q1 drops by $124m as against 2019 Q1

A new report by the Bank of Ghana shows that the country received a total of 310.14 million dollars into Ghana’s Petroleum Holding Fund (PHF) for the first half of 2020.

Compared to same period in 2019, the figure dropped by $124. 34 million dollars as the figure for last year was $434.48 million dollars.

The Petroleum Revenue Management Act, which established the Petroleum Holding Fund, requires the Bank of Ghana to report on the performance and activities of the Fund to promote transparency in the oil and gas sector.

READ ALSO: Parliament passes law to ban accident cars from November 1

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