Business News of Wednesday, 28 March 2018Source: citifmonline.comBoG stops unwarranted loans to ‘cronies’ with new corporate rulesDr. Ernest Addison, BoG GovernorDirectors of banks and other specialized deposit-taking institutions cannot operate without disclosing their interests in their places of work. Also, the central bank has directed the full disclosure of conflict of interest guidelines by such institutions to tame adverse impacts of delayed loan repayments. The rules are part of new corporate governance directives issued by the Bank of Ghana to sanitise the financial sector. In addition, a regulated financial institution is expected to seek prior written approval of the Bank of Ghana before it appoints a CEO or Deputy CEO. (iii) The Board shall maintain an up-to-date register for documenting and managing conflict of interest situations in the regulated financial institution.

Source: GhanaWeb March 28, 2018 06:11 UTC