Banks to miss recapitalization will be declared by June – BoG Governor

Business News of Wednesday, 23 May 2018

Source: Myjoyonline.com

2018-05-23

Governor of the Bank of Ghana, Dr. Ernest Addison

Governor of the Central Bank has said the public will know the banks likely to miss the recapitalisation by June.

Dr Ernest Yedu Addison reiterated the Bank of Ghana’s position on the December 31, 2018, deadline for banks to meet the ¢400 million capital requirement.

He also stated there are a number of options available to banks to meet the minimum capital requirement urging them to consider mergers and acquisitions.

There have been reports that some banks are struggling to meet the minimum capital requirement after some banks were taken over by the BoG.

He, however, added that he would furnish the media with the details at the next press conference of the Monetary Policy Committee (MPC) meeting.

“We should be able to tell you the banks that have taken advantage of the various options that have been put on the table”, the Governor stated.

New licensed banks facing some challenges

The Governor also added that the licensing of some new banks over the past two years contributed to the legacy challenges in the sector. He added that such a move was untenable.

Over a period of two years in recent years, a total of six to eight banks were licensed. Banks the recently secured their license are said to going through some challenges.

One can talk about sovereign Bank which was recently put under administration.

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