Connect with us

Hi, what are you looking for?

News

20 Banks Meet GHC400m Minimum Capital Requirement, Fate of 10 in Limbo

Twenty out of the 30 existing universal banks in Ghana have met the GHC400 million Minimum Capital Requirement of the Bank of Ghana as the 31 December 2018 deadline approaches, Second Deputy Governor Elsie Awadzi has revealed at a Finance forum in Accra.

“Over 20 banks have met [the minimum capital requirement] or are already there and we have 30 banks, so, the rest, we are meeting them on a daily basis to say: ‘Tell [us] where you are on your capital raising plans’.

“We are confident that they are going to meet [it] but if for some reason they cannot meet and will not merge, well, then that is another matter altogether, but we cannot allow banks that are not well-capitalised to remain in the system after 1 January”.

Banks who fail to meet the new capital requirement will be downgraded to Savings & Loans or Microfinance institutions.

Since August 2017, seven local banks have gone under.

Two of them, UT Bank and Capital Bank, were swallowed by the state-owned GCB Bank.

Trending Stories

News

A new COVID conspiracy theory is making the rounds, the theory is linking the ongoing global pandemic with the rollout of 5G communications networks....

International

Boris Johnson has been moved to intensive care after his condition worsened, Downing Street has said. The prime minister was admitted to St Thomas’...

News

Ghana’s President Nana Akufo-Addo has announced that the government will take care of water bills of all Ghanaians for the next 3 months. Addressing...

News

Ghana has confirmed nine additional COVID-19 cases; six from Greater Accra and three from Ashanti region. This brings the total confirmed cases to 214....

News

Northern Regional Minister Salifu Sa-eed has banned prostitution in Tamale with immediate effect. This comes after a Guinean national who tested positive for the...

News

Jacques Joaquim Yhombi-Opango, former president of the Republic of the Congo, has died after contracting coronavirus, his family said. Yhombi-Opango died in a Paris...

News

The Northern Regional Minister, Salifu Saeed, has confirmed that a coronavirus patient who was under quarantine in his region has fled the facility, leaving...

News

Sixteen persons have been arrested in Kasoa in the Central Region for failing to give tangible reasons why they were in town during the...

News

A video of a young man paying dearly for refusing to adhere to the directives of the president to remain indoors has emerged barely...

News

President Nana Akufo-Addo has earned massive praise from some prominent people around the world over list latest statement on the Coronavirus disease (COVID-19). President...

News

There are now more than 3,200 confirmed cases of coronavirus across the continent, with a number of African countries imposing a range of prevention...

News

The President for Institute of Liberty and Policy Innovation (ILAPI), Mr Peter Bismark, has stated that Ghana requires GH₡15 billion for 28 days’ total...

Copyright © 2020 GhanaStar Media Group. All rights reserved