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BoG satisfied with banks’ compliance with corporate governance directives

By PrimeNewsGhana
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The Governor of the Bank of Ghana, Dr. Ernest Addison, has lauded commercial banks’ compliance with new corporate governance directives issued in the aftermath of the banking sector clean-up.

Dr. Addison, speaking at the launch of rebranded Barclays Bank Ghana to Absa Bank Ghana Limited, said the central bank’s directives were intended to create a strong banking sector and enhance their financial intermediary role in supporting the economy.

The central bank in shutting down nine commercial banks between 2017 and 2019, among other reasons, cited poor corporate governance structures as contributing to the poor running of the affected institutions.

READ ALSO : World Bank warns Ghana against excessive borrowing 

“Results of a recent survey indicate full compliance with requirements of the Corporate Governance Directive on the size, structure, composition and qualification of bank Boards; due diligence in the appointment of key management personnel; and separation of the positions of CEOs and Board Chairs.”

A total of 184 bank directors undertook the mandatory annual Directors’ corporate governance Certification training programme. Of this number, over 50 percent have fully completed the programme, while the rest who are at various certification stages will be certified by the deadline of end-March 2020,” the governor stated.

READ ALSO : BoG maintains policy rate at 16% for the sixth time

The Governor explained that the bank’s enforcement of the Corporate Governance Directive has led to several board chairs and CEOs of banks ending their tenure, while Board members who had served for prolonged periods have been replaced.

Dr. Addison argued that the banking sector’s performance after the reforms, which commenced in 2017, has been encouraging and as regulators, the central bank will continue to hold banks accountable by applying the laws applicable to the sector.

Credit : Citinewsroom

Barclays goes red today as it becomes Absa

Barclays bank will from today February 10, 2020, be known officially as Absa Bank Ghana Limited.
Absa Group Limited is Barclays Ghana’s parent company and is listed on the Johannesburg Stock Exchange in South Africa.

It is one of Africa’s largest diversified financial services groups, offering an integrated set of products and services across personal and business banking; corporate and investment banking; and wealth, investment management and insurance.

Absa’s ambition is to become a proudly African bank with global scalability, that is forward-looking and fit for the digital age.

The new name will kick-start a novel era in the bank's history and comes with a wide array of exciting experiences.

Ms Nana Essilfuah Boison who is the Marketing and Corporate Relations Director at Absa last Friday said: As we become Absa, we are not only building on our 100-year heritage in Ghana, we are also one of Africa's top three largest banks, backed by a large capital base and strong balance sheet with a commitment to connect people's dreams with financial opportunities".

Absa has also announced celebrated Ghanaian musician M.anifest as the ambassador.