Cal Bank sacks top managers

Cal Bank has fired several top executives, including the Head of Treasury, Finance, and Corporate Banking, due to internal collusion linked to a GH¢1.5 billion bad loan.

This follows financial challenges that saw the bank's capital reduced after impairments.

Despite raising only GH¢145.8 million from a GH¢600 million rights issue, CalBank seeks to cover the shortfall via a private placement.

A new Managing Director and a banking consultant have been appointed to lead the restructuring.

The Bank of Ghana set a November 2024 deadline to resolve the issues. Profit recovery improved by mid-2024.