Five Struggling Local Banks Merge

The Bank of Ghana (BoG), has consolidated five local banks into what it calls the.

Consolidated Bank Ghana Limited.

They are Beige Bank, Construction bank, Royal bank, uniBank Ghana and Sovereign.

bank.

Governor of the Bank of Ghana, Dr.

Ernest Addison, said some of the banks obtained their licenses through false means by presenting.

documents that painted a picture as though they could meet the new capital requirement.

Government has recapitalised the Consolidated Bank Ghana Limited to take on all.

liabilities of these five banks.

The government has also issued a bond of 5.

7-6 billion Ghana Cedis to cover the gap between the liability and assets assumed by.

the Consolidated Bank.

Dr.

Addison has assured clients of the affected banks that their investments are safe.

BACKGROUND

The Bank of Ghana gave the banks in Ghana until the.

end of 2018 to raise a 400 million Ghana Cedi new capital requirement or risk.

being shut down or becoming a micro-finance or savings and loans institution.

Whereas the foreign-owned banks are not complaining, the local ones have asked.

the Bank of Ghana to give them some time to re-capitalize.

gbcghanaonline.

com.