• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

CalBank Denies Boardroom Firings, Outlines Strategic Overhaul Amid Profit Return

10 months ago
in Banking & Finance, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
125
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

CalBank Denies Boardroom Firings, Outlines Strategic Overhaul Amid Profit Return

CalBank PLC has clarified recent changes at its executive and board level following reports suggesting the bank had dismissed key figures as part of efforts to address previous impairments.

In a statement issued on Monday, September 30, 2024, CalBank denied that any directors had been fired, attributing recent departures to the natural expiration of board tenures and statutory governance cycles.

The bank confirmed that three independent non-executive directors, Mr. Ben Barth, Dr. Cynthia Forson, and Mr. Richard Arkutu, retired at the institution’s 2024 Annual General Meeting (AGM) on September 4, following the conclusion of their terms.

Mr. Barth chose not to seek renomination, while the tenures of Dr. Forson and Mr. Arkutu ended. CalBank described their contributions as “exceptional” and affirmed that no dismissals had taken place, contrary to claims in recent media reports.

Delays in the reappointment of directors, the bank noted, were due to an injunction filed by two minority shareholders aimed at halting the consideration of certain AGM resolutions. CalBank is preparing for an Extraordinary General Meeting (EGM) to appoint new directors and restore the board to full strength.

Until then, the remaining directors include:
– Joe Mensah (Chairman)
– Kofi Osafo-Maafo
– Kweku B. Korsah
– Solomon Asamoah
– Nana Otuo Acheampong
– Carl Selasi Asem (Managing Director)

RelatedPosts

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Strategic Overhaul and Addressing Legacy Issues

CalBank is grappling with a series of legacy challenges, including impairments linked to bad loans, which the current board has worked to resolve. The bank has initiated a strategic overhaul, aimed at repositioning itself for sustainable growth.

Key measures include:

– Enhanced Risk Management: The bank has strengthened its credit and market risk frameworks, a move it says has prevented new loans from turning bad under the current board’s tenure.

– Provisions for Troubled Accounts: The board has prioritized transparency by making necessary provisions for troubled legacy accounts, allowing the bank to focus on rebuilding its financial position.

– Non-Performing Loan Recovery: Aggressive efforts to recover non-performing loans have been put in place, stabilizing the bank’s financial footing.

– Restructuring Deposit Base: CalBank has also transformed its deposit profile, attracting more stable, long-term funds that have improved its liquidity and balance sheet.

– Management Reshuffle: In June 2024, several senior management figures were either reassigned or terminated as part of the board’s commitment to transparency and accountability. Among the new appointments is Carl Selasi Asem as Managing Director, alongside other key hires aimed at bolstering the retail division.

Return to Profitability and Positive Outlook

Despite the challenges posed by legacy issues, CalBank reported a return to profitability in the first half of 2024. The bank’s improved risk management and tighter financial controls are expected to support sustained growth throughout the year. CalBank’s board credits its strategic decisions—including enhanced risk oversight and the right provisioning for bad accounts—for the positive turnaround in its financial performance.

Looking ahead, the bank remains focused on continuing its transformation while maintaining strong governance. The upcoming EGM will introduce new board members, adding expertise to guide the bank’s growth trajectory in an increasingly competitive market.

Poised for Future Success

As CalBank continues to rebuild, it is positioning itself for long-term growth and market leadership. With an emphasis on corporate governance, innovation, and operational excellence, the bank is confident in delivering value to its stakeholders. The strategic restructuring, combined with fresh leadership, is expected to solidify CalBank’s position as a leading player in Ghana’s banking sector.

Tags: CalBankCalBank Denies Boardroom FiringsOutlines Strategic Overhaul Amid Profit ReturnProfit Return

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

CAF Establishes New Infrastructure Department to Enhance Stadium Development Across Africa

Bibiani Gold Stars Set to Begin GPL Title Defence Against Bechem United as Fixtures for 2025/26 Season Are Released

Gov’t Increases Producer Price of Cocoa to GHS 51,660 per Tonne for 2025/2026 Season

Value of Mobile Money Transactions Hit GHS 323.2bn in June

Alex Mould Questions BoG’s 25% Policy Rate Amid Ample Market Liquidity and Falling Inflation

Chamber of Agribusiness Calls for Sector-Wide Price Cuts and Urgent Government Support to Curb Food Crisis

Trending

Features

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

August 4, 2025

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana The Criminal Investigations Department (CID) of the Ghana...

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

August 4, 2025

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

August 4, 2025

CAF Establishes New Infrastructure Department to Enhance Stadium Development Across Africa

August 4, 2025

Bibiani Gold Stars Set to Begin GPL Title Defence Against Bechem United as Fixtures for 2025/26 Season Are Released

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.