Report on local banks submitted to President Akufo-Addo

| Updated Aug 03, 2018 at 11:17am


President Akufo-Addo


A report on the state of local banks in Ghana has been submitted to President Nana Addo Dankwa Akufo-Addo.

Following a petition local banks sent to the President requesting for an extension of the deadline for the new minimum capital requirement, a committee was set up to assess the health of the indigenous banks.

According to Mr. Osei Gyasi, Head of Banking Supervision at the Bank of Ghana, the committee has completed its work and handed over its report to government.

Meanwhile, Mr. Gyasi says the merger of the five banks by the Central bank is to strengthen the balance sheets of these banks.

Speaking on GBC’s “Behind The News”, Mr Gyasi said the collapse of the banks should not be seen as a weak supervisory role by the Central bank but an effort to clean up the banking sector.