Accra, Ghana, November 26, 2018//-Bank of Ghana (BoG) says the deadline for its GH¢400 million minimum capital requirement for banks operating in the country remains unchanged at end-year 2018.
To this end, the BoG has been closely monitoring and working with the banks towards their recapitalisation efforts.
“We are happy to note that many banks are close to meeting the new minimum capital requirement and a few are concluding discussions on mergers”, the Governor of BoG, Dr Ernest Addison told journalists at the Monetary Policy Committee (MPC) press conference today.
“We will communicate the outcome when the exercise is completed. We expect 2019 to commence with a well-capitalised and robust banking system with no weak institutions”.
In September 2017, the BoG announced the new minimum paid-up capital requirement, as part of a holistic financial sector reform plan to further develop, strengthen, and modernize the financial sector to support the government’s economic vision and transformational agenda.
The GH¢400 million minimum capital requirement which is a 233 percent increase over the previous GH¢120 million benchmark, according to the Central Bank is to create stronger banks that can drive the Country’s economic growth by undertaking big ticket transactions.
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