• 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

Premium Bank’s liabilities exceeded assets by GHS 561m – BoG inventory Report

4 years ago
in Banking & Finance, highlights, Home, home-news, latest News
2 min read
0 0
0
71
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Premium Bank’s liabilities exceeded assets by GHS 561m – BoG inventory Report

Liabilities of Premium Bank exceeded its assets by some GHS 561 million, the Bank of Ghana (BoG) has noted in its inventory report on the defunct bank.

According to the apex bank, Premium Bank on a balance sheet basis was insolvent as its total liabilities was more than its total assets.

Total assets value of the Bank following adjustments made by the Central Bank, amounted to GHS 841.7 million.

Total liabilities on the other hand, amounted to GHS 1.4 billion.

“The total assets of Premium Bank were approx. GHS841.7m as at 4 January 2019. However, from our initial assessment and Asset Quality Review we have adjusted the value of Premium Bank’s Assets to GHS357.4m. This value includes asset balances assumed by CBG per the P&A Agreement,” stated the Bank.

Premium Bank’s loan portfolio, the Bank continued, consisted of term loans, staff loans and overdrafts.

RelatedPosts

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

2025 Study: Where High Earners Keep Most of Their Money 

Total Gross Loans amounted to approximately GHS 827.9m comprising of performing loan of approximately GHS 204.2m and past due term loans of approximately GHS623.7m.

Read: Private investment, consumer spending to bounce back in 2022

The loan loss provision was GHS 207.3m and interest suspended was GHS 35.6m; together representing about 29% of Gross loans.

“Total liabilities of Premium Bank were approx. GHS1.4bn as at 4 January 2019 and comprised of deposits from customers, borrowed funds, expense provisions, current tax provisions and other liabilities.

“Per the Management Accounts as at 4 January 2019, total deposits amount to approx. GHS464m and accounts for 33% of the Bank’s total liabilities,” the Bank observed.

“Premium Bank reported Borrowed Funds of approximately GHS 925m accounting for over 65% of total liabilities as at 4 January 2019. This balance constituted mainly investments from other financial institutions and companies,” it added.

Background

Pursuant to Sections 16 (1)(a), 16 (7) and 16 (8), as well as Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), Bank of Ghana on 4 January 2019 revoked the operating licence of Premium Bank Ghana Limited on the basis that it was insolvent on a Balance Sheet basis.

BoG in accordance with Section 123 (2) appointed Vish Ashiagbor, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as the Receiver for the purposes of winding down the affairs of the Bank.

BoG also approved a Purchase & Assumption Agreement between the Receiver and Consolidated Bank Ghana Limited under which the Receiver transferred selected assets and liabilities of Premium Bank to CBG.

Tags: Bank of Ghana (BoG)COVID-19 pandemicghanaPremium Bank’s liabilities exceeded assets by GHS 561m – BoG inventory Report
No Result
View All Result

Highlights

GoldBod Introduces Special Bonus for Licensed Miners

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Trending

Business

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

August 27, 2025

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah Ranking Member of...

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

August 27, 2025

2025 Study: Where High Earners Keep Most of Their Money 

August 27, 2025

GoldBod Introduces Special Bonus for Licensed Miners

August 27, 2025

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

August 27, 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.