Bank of Ghana likely to revoke the license of 6 banks

Six banks in Ghana have not been able to meet the country’s central bank recapitalisation policy.

The deadline for the payment of the GH¢400 million minimum capital requirement will end soon yet six banks have so far not met the requirement.

Currently, there are no concrete signs that these six banks (names withheld) are succeeding in their attempts to beat the deadline which December 31 this year

This indicates that should the deadline expire, Bank of Ghana (BoG) will either be forced to relegate them to savings and loans companies or will have their licences totally revoked.

Nonetheless, if the six banks in latter action meet the requirement, there is the likelihood of an aggravation of the already existing turbulent situation within the banking sector where depositors are engaging in panic withdrawals because of their lack will of confidence and increasing uncertainty in the system.

Meanwhile, the Governor of the Bank of Ghana, Dr Ernest Addison, at the last Monetary Policy Committee (MPC) news conference for the year held in Accra on Monday November 26, reaffirmed that the deadline for the bank recapitalisation will stay on December 31 hence all banks are expected to meet the requirement or face the penalties.

Pulse Business Insider

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