Clarify ¢5.7bn bond to support newly created Consolidated Bank - John Gatsi

| Updated Aug 02, 2018 at 10:52am


The Bank of Ghana has merged five banks into a Consolidated Bank of Ghana Limited.


Head of the Finance Department of the University of Cape Coast Business School, Professor John Gatsi, has asked government to give further clarification on the GH¢5.76 million bond it intends to inject into Consolidated Bank Ghana Limited.

Speaking on GBC’s “Behind the News”, Professor Gatsi said the merger of the five struggling banks will not only bring soundness and stability to the banking sector but is also in the interest of the economy.

He however expressed worry about possible job losses in the sector.

Meanwhile, a Banking Consultant, Nana Otuo Acheampong, has lauded the merger of the five struggling banks into a common entity to be known as the Consolidated Bank Ghana Limited saying it is a move in the right direction.

He said it will bring sanity into the banking sector.

Speaking to GBC’s Abraham Donkor on “Behind the News”, Mr. Otuo Acheampong stressed that the other banks need to adhere to the 400 million recapitalisation for all banks by the end of the year.