Skip to main content

32 banks fail to comply with financial statement publication rules (Article)

If there’s one thing I’ve learned over the years, it’s that little/small things matter.
When I moved out of Ghana to US and Canada, one thing that I have seen separate Ghana from those two countries is that the little things matter.
Sometimes we blame other people for the state of affairs of our country, but I think 99% of our problems are self-inflicted.
If you are a bank in Ghana, make no mistake you are competing with other countries for capital and interbank dealings, an investor & treasurer will most likely chose a bank that was on time to publish its Financial Statement.
March 29, 2018 was the deadline according to subsection 2b of section 90 of the Banks and Specialized-deposit taking Institutions, Act 2016 (Act 930) for all Banks in Ghana to publish their full financial statements (FS) and not the condensed FS on their websites.
At end of the day, only 2 banks had so far done the right thing: Societe General Ghana & CalBank.
What surprises me is that the head-office of 13 foreign controlled Banks have published their group annual FS.
With this attitude, how can a bank from Ghana raise bonds outside, I do hear Nigeria Banks raising Eurobonds etc. but I have not heard of such story about banks from Ghana raise any Eurobonds.
So my questions are as follows;
When will banks in Ghana start doing the right thing when it comes to timely publication of FS on website?
Same thing happened in 2016 and I am not aware of BoG penalty on Banks, so when will Bank of Ghana start doing the right thing by applying subsection 3 of section 90 of Act 930?
When will Securities and Exchange Commission of Ghana and Ghana stock exchange start doing the right thing by ensuring that  listed banks like Ecobank, Access, ADB, SCB, HFC and GCB publishes their full FS by deadline date?
Have BoG received all FS and long form reports of all banks?
When will some auditors in Ghana stop treating financial statements as if it is their financial statements and focus on ‘must have’ and instead of focusing on ‘Nice to have’.
Honestly, I don’t see the issue we have in Ghana, it is simple, you agree your FS notes and everything with auditors before December and auditors also audit 11 months up to December and come January, it is just the numbers.
Here in Canada, aside from other roles I play in Bank, I lead a reporting team as well, we have October year end, by November we are done with everything and December first week we then publish the FS.
Act 930
(1) A bank or specialised deposit-taking institution shall exhibit at each of its branches or agencies in a conspicuous place throughout the year, a copy of the last audited financial statement in respect of the operations of the bank or specialised deposit-taking  institution.
(2)          A bank or specialised deposit-taking institution shall
(a)          In the case of a bank not later than three months after the end of its financial  year; or
(b)          In the case of a specialised deposit-taking institution not later than four months after the end of each financial year,
furnish the Bank of Ghana with a copy of its audited financial statements together with the auditor’s statutory and long form audit reports; and cause the financial statements together with the auditors’ reports to be published on its website if any and in at least two daily newspapers of national circulation.
(3)          A bank or specialised deposit-taking institution which fails to comply with this section is liable to pay to the Bank of Ghana, an administrative penalty of not more than one thousand penalty units.    Source : http://citifmonline.com/2018/04/01/32-banks-fail-comply-financial-statement-publication-rules-article/

Comments

Post a Comment

Popular posts from this blog

Ghana Ranks 1st in World Manhood Ranking

A graph revealing the average size of a man’s erect penis from all over the world has surfaced online and Africa is topping the list. Ghanaian men have the world’s largest penises, while Nigerian ranks 5th according to the latest ranking. South African men are ranked at number 10. It appears countries such as Asian countries such as India, Thailand and South Korea are not as gifted in terms of ‘eggplant’ as they are sitting at the bottom of the table. Nigeria is in the top five with Gabon, Jamaica, and Haiti. Target Map published a graph showing the differing lengths of a male’s manhood size across the World and Africa, Western Africa particular, takes the top spot. Target Map created the colour-coded interactive infographic which shows the different sizes of men’s manhood depending on where they’re from. The African countries have the largest manhoods while erect, while orange comes second, yellow is in middle, light green is the smallest and green is the smallest. ...
Post a Comment
Read more

What’s the relationship between Anas and late JB Danquah’s wife – Ken asks

The Member of Parliament (MP) for Assin Central, Kennedy Ohene Agyapong has asked investigative journalist, Anas Aremeyaw Anas, to come public on the kind of relationship that exist between him and the wife of late Abuakwa North MP, Jospeh Boakye Danquah-Adu. Two people, Daniel Asiedu and Bosso are on trial at the High Court after more than a year of committal proceedings at a district court. A brother of the late MP, Kwasi Frimpong who has been speaking for the family has been demanding the immediate arrest of Mrs Ivy Danquah-Adu as they believe she can offer more leads that would help unravel the mystery surrounding the death of the businessman and MP. “I am emphasizing that the wife (Ivy Danquah-Adu) should be arrested immediately…she would tell the actual truth behind the murder, the family knows that she knows something about the death…,” he said on Adom FM’s Midday News on Wednesday, 10th May, 2017. Mr Ken Agyapong who is pursuing the investigative journalist is also ...
Post a Comment
Read more

Mauritania court gives toughest sentence for slave owners

Two slave owners in Mauritania have been jailed in a country where slavery remains widespread but convictions rare, activists say. The sentences of 10 and 20 years are said to be the toughest-ever for the crime in the West African country. Slavery was outlawed in 1981 but 1% of the population are still living in bondage, human rights groups say. Black people of certain ethnic groups are often enslaved as domestic workers by lighter-skinned Mauritanians. The country has jailed more anti-slavery activists than slave owners, rights groups say. The court in the north-western town of Nouadhibou gave a 20-year prison sentence to Hamoudi Ould Saleck. His father – who died before the trial ended – received the same sentence posthumously. Both were accused of “reducing to slavery” a family, two of whom were children. A woman, Revea Mint Mohamed, was jailed for 10 years for keeping three slaves – one of whom was a 29-year-old who had been kept since she was a small girl. Both cases had...
Post a Comment
Read more