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Business News of Tuesday, 7 August 2018

Source: Graphic.com.gh

How Consolidated Bank was registered

A Graphic Business search at the Registrar General's Department (RGD) has confirmed that the newly established bank, the Consolidated Bank Ghana Limited, is 100 per cent owned by the Ministry of Finance on behalf of the Government of Ghana (GoG), with two public servants as its maiden directors.

The bank’s registration documents obtained by the paper have a deputy Minister of Finance, Mr Charles Adu-Boahene, and the Director of the Public Investment Department (PID) of the Ministry of Finance, Mr David Collison, as directors.

It has Mr Jonas Adams, a legal practitioner with the Bank of Ghana (BoG), as the Company Secretary. It was registered with the registration number: CS1926102018 on August 1 and commenced business on August 2.

The documents mentioned KPMG as the auditors.

For a company to be properly incorporated in Ghana, the Registrar General requires that it must have a minimum of two directors.

Number of employees envisaged

The search further revealed that the bank was registered with 100,000 ordinary shares and a stated capital of GH¢450 million above the new minimum capital requirement of GH¢400 million by December this year.

On the number of employees and revenue envisaged, the documents showed that the bank was expected to employ a minimum of 30 people and make an annual revenue of at least GH¢1 million.

No additional requirement

Commenting on the findings of the search, a Partner of Bentsi-Enchill, Letsa & Ankomah, Mr Seth Asante, said the information provided was standard requirement for a company to be incorporated.



Consolidated Bank Ghana Limited was established by the government to assume ownership of the select assets and liabilities of the five banks.

The licences of the banks were withdrawn by the BoG on August 1 after they were found to have breached various regulatory activities.

The new bank is currently headed by Mr Daniel Wilson Addo formerly of United Bank for Africa (UBA) Ghana Limited.

It started operations on August 2, serving the customers of the now-defunct uniBank, Royal Bank, BEIGE Bank, Construction Bank and Sovereign Bank, who were the latest victims of the central bank’s renewed sterness on illiquid banks.

In August last year, the licences of UT and Capital banks were withdrawn for being illiquid and their assets and liabilities transferred to the GCB Bank Limited under a purchase and assumption agreement similar to the one approved for Consolidated Bank.