15 banks in line to meet BoG capital demand

15 banks in line to meet BoG capital demand

- The BoG says some 15 commercial banks are set meet the new GHS 400 million capital demand

- The governor of the Central Bank revealed this to the media in Accra

- Earlier reports suggested that banks in the country may struggle to meet the new capital levels introduced by the Bank of Ghana

About 15 banks are so far in line to re-capitalise to GHS400 million by December this year, the Bank of Ghana (BoG) has said.

This was revealed by the Governor of the BoG, Dr. Ernest Addison, who said it is a good thing that banks are meeting the demands of the Central Bank.

According to him, six banks have already met the demands of the BoG, whiles three others are ready to merge in order to re-capitalise, Graphic Business reported.

15 banks in line to meet BoG capital demand

Dr Ernest Addison, Governor of the BoG. Photo Credit: Graphiconline.com

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He said the rest have also submitted plans that BoG believes will lead to fresh capital injection by December this year.

The BoG is also working together with other banks to ensure that their re-capitalisation goes according to plan, Dr. Addison added.

The Bank of Ghana, the regulator has been forced to increase the capital due to some challenges in the industry like low working capital and less money available for lending.

A development that has resulted in most of the banks turning to the Bank of Ghana every day for waivers to grant credits beyond the regulatory limits.

If all the banks increase their capital levels from the current GH₵120million to GH₵400million that could bring almost GH₵9billion into the economy in one year.

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Source: Yen.com.gh

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