23 banks met GHS400m MCR – BoG

Lorlornyofm
By Lorlornyofm January 5, 2019 06:23

23 banks met GHS400m MCR – BoG

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has revealed that a total of 23 banks in the country have been able to raise the GHS 400 million minimum capital requirement as of the 31 December 2018 deadline.

According to Dr Addison, “Following the recapitalisation exercise that has just ended at the end of December 2018, we now have 23 universal banks operating in Ghana”.

Out of the total number, 16 banks met the minimum capital requirement “through the recapitalisation of income surplus and fresh capital injunction”.

He revealed that the BoG has also approved three applications for mergers.

Consequently, First Atlantic Merchant Bank and Energy Commercial Bank will be merged into a single unit financial institution. Additionally, OmniBank and Sahel Sahara Bank have also been fused together while First National Bank (FNB) and GHL Bank will also be amalgamated.

Dr Addison made the revelations at a press conference on Friday, 4 January 2018.

He indicated that the BoG undertook measures to sanitise the sector to have a stronger and more resilient financial sector in the country.

Source: Ghana/ClassFMonline.com/91.3FM

Lorlornyofm
By Lorlornyofm January 5, 2019 06:23
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