The Bank of Ghana has, in a surprise, move revoked the licence of Heritage Bank Ghana Limited.
The central bank has also approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to takeover the liabilities and selected assets of the now defunct bank.
YEN.com.gh is reliably informed that the BoG Governor, Dr Ernest Addison announced the action in a press conference held Friday, December 4, 2019
Confirming the development, the Governor of BoG said together with Premium Bank, government has issued a Ghc1.4bn bond to cover the gap.
The Bank of Ghana says it could not authenticate the source of the bank's capital.
Dr Addison said the main shareholder of the now deduct Heritage Bank Ghana Limited is not "fit and proper" to own a bank.
Graphic Online can however confirm that the bank's main shareholder is Mr Seidu Agongo, the Chief Executive Officer of the Agricult.
Mr Agongo is standing trial alongside the former Chief Executive Officer of the Ghana Cocoa Board for financial offences, including causing financial loss to the state.
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