Shareholders demand
collateral from prospective managers
Accra (Greater Accra) 01 November
2000
The Ghana Association of Bankers,
on Tuesday October 31, 2000, released the following average inter bank exchange
rates of the cedi equivalent to the dollar and derived rates for other major
foreign currencies:
Currency Buying Selling
US Dollar 6,567.00 6,782.55
Pound Sterling
9,501.79 9,820.45
French Franc 841.46 869.09
Swiss Franc 3,633.57 3,753.57
Deutsche Mark 2,821.53 2,915.29
Canadian Dollar 4,287.81 4,429.21
Japanese Yen 60.32 62.29
Dutch Guilder
2,504.69 2,586.92
S/African Rand
869.05
896.39
Euro
5,521.09 5,702.60
CFA Franc 8.41 8.69
Naira
65.02 67.15
Ecowas/WAUA 8,788.89 --------
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Shareholders
demand collateral from prospective managers
Ekumfi Essuehyia (Central Region)
01 November 2000
Shareholders of the Ekumfiman
Rural Bank at Ekumfi Essuehyia have called for substantial collateral from
prospective managers and accountants of financial institutions.
This, they said, would make such
appointees more accountable and facilitate the recovery of funds they embezzle
in the course of duty.
The shareholders made the
suggestion in reaction to a report by the chairman of the bank's Board of
Directors, Nana Abass Owusu, that former manager, Mr J.K.B. Addison, had
squandered 143 million cedis belonging to the bank. The case is before the
Saltpond community tribunal.
Nana Owusu, however, assured
shareholders and customers of the bank that measures have been put in place to
avert the recurrence of such incidents.
The chairman commended the board
and the new management for braving the storm during the most difficult times of
the bank.
He said the bank's share capital
had gone up from 3.7 million cedis in 1998 to 33.7 million cedis in 1999 while
its deficit account dropped from 216.4 million cedis in 1998 to 113.5 million
cedis in 1999.
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