Bank of Ghana Directs Rural Banks to Meet Minimum Capital By 2020

Governor of Bank of Ghana, Dr. Ernest Addison

Accra, Ghana, August 20, 2019//-The Bank of Ghana (BoG) has directed all the rural banks and community banks operating in the country to meet their minimum capital by 28th February 2020.

 This directive is contained in a notice issued and signed by the Secretary of BoG, Mrs Frances Van-Hein Sackey.

Pursuant to Section 28(1) of the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930) and Section 11 of the Non-Bank Financial Institutions Act, 2008 (Act 774), Rural/Community Banks and Microfinance Institutions which fail to comply with their respective minimum capital by the above date shall be sanctioned, it warned.

According to the notice: “Further to Bank of Ghana Notice Number BG/GOV/SEC/2015/08 dated 3rd July, 2015, which announced the revision of minimum capital for Rural/Community Banks and Microfinance Institutions to One Million Ghana Cedis (GH₵1,000,000) to be complied with by 31st December, 2017, and Two Million Ghana Cedis (GH₵2,000,000) to be complied with by 30th June, 2018, respectively, the Bank directs all institutions to meet their respective minimum capital by 28th February, 2020”.

Shareholders, Directors, Operators of Rural/Community Banks and Microfinance Institutions are to take note of the above and be guided accordingly, the notice stated.

African Eye Report

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