2019@@2019 – receivership

President Mahama swears in BoG Governor, First Deputy

BOG | 2019@@2019 | February 26, 2025 | Comment off

President John Dramani Mahama has officially sworn-in Dr. Johnson Pandit Asiama as the new Governor of the Bank of Ghana (BoG) in a ceremony held at the Jubilee House. Dr. Asiama’s appointment comes at a critical time for Ghana’s economy, with ongoing efforts to stabilize inflation, manage foreign exchange volatility, and implement monetary policies aimed at ensuring sustainable economic growth. As Governor, Dr. Asiama will be responsible for steering Ghana’s central bank towards achieving price stability, strengthening financial sector resilience, and fostering economic development in line with the government’s broader fiscal policies. In addition, Dr. Zakari Mumuni has been sworn in as the First Deputy Governor of the Bank of Ghana. He will support Dr. Asiama in formulating and executing monetary policies, overseeing financial regulations, and ensuring the soundness of the banking sector. With extensive backgrounds in macroeconomics, banking regulation, and financial management, both Dr. Asiama and Dr. Mumuni are expected to play pivotal roles in enhancing investor confidence, stabilizing the local currency, and promoting a robust banking environment. https://www.youtube.com/watch?v=EYFOX5AFRZk

William Ato Essien jailed 15 years for stealing

BOG | 2019@@2019 | October 13, 2023 | Comment off

The Accra High Court has imposed a 15-year jail term on the founder of defunct Capital Bank, William Ato Essien, for stealing over GH₵90 million belonging to the bank. Essien, who was convicted in December last year for stealing over GH₵90 million belonging to Capital Bank, avoided a custodial sentence after the court accepted an agreement between him and the Attorney-General (A-G) for him (Essien) to pay the GH₵90 million as restitution to the state. In a ruling this afternoon, the court, presided over by Justice Eric Kyei Baffour, held that Essien has failed to pay the restitution to the state per the agreed terms with the A-G.

Capital Bank case: Court orders Ato Essien to pay outstanding GH¢12 million by July 27

BOG | 2019@@2019 | July 5, 2023 | Comment off

Convicted William Ato Essien, the founder of the defunct Capital Bank has been given at least up to July 27 to redeem his first installment of GH¢20 million to the State. It has emerged in Court on Tuesday, July 4, that Mr Ato Essien has so far paid GH¢8 million of the GH¢20 million leaving an outstanding balance of GH¢12 million. Essien last year entered into an agreement with the state under section 35 of the Courts Act and was asked to pay GH¢60 million in three installments of GH¢20 million to the state. But, records available since the deadline of the first installment on April 28, he has only paid GH¢8 million as at today July 4. Before Justice Erich Kyei Baffour, a Justice of the Court of Appeal, sitting as an additional High Court judge, his lawyers represented by Baffour Gyau Bonsu Ashia request more time. The Prosecution led by Deputy Attorney General Alfred Tuah Yeboah wondered how much more time he desired to pay despite not meeting the deadline. Justice Kyei Baffour after listening to the parties urged Ato Essien to settle at least the balance of the outstanding GH¢12 million by July 27, 2023. The court said it will apply the sanctions should he fail to do so. “The convict (Ato Essien) has only made GH¢2 million payment since the last adjournment leaving an amount of GH¢12 million that should have been redeemed at least by today (July 4), 2023. “Based on the pleas of his counsel, I once again reluctantly give the convict one more opportunity to make payment. “I will adjourn to July 27, 2023, for the amount of GH¢12 million to be paid by the convict,” Justice Eric Kyei Baffour stated. According to EIB network’s Legal Affairs Correspondent, Murtala Inusah, the court turned a request from his counsel to move a Viva Voce argument to his passport which is in the custody of the court to be released in other for him to embark on a business venture to mobilize funds.