Minimum requirements: Ghana Amalgamated Trust supports OmniBSIC Bank with GHC130 million

Minimum requirements: Ghana Amalgamated Trust supports OmniBSIC Bank with GHC130 million

- The Ghana Amalgamated Trust (GAT) Limited has given GHC130 million to OmniBSIC Bank to support its operations

- The fund is intended to help the bank meet the minimum capital requirements set by the Bank of Ghana

- All Ghanaian banks are expected to have a minimum of GHC400 million and the directive became operational in January 2019

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OmniBSIC Bank has acknowledged receipt of GHC130 million cedis from the Ghana Amalgamated Trust (GAT) Limited.

The decision follows a plan by the bank to shore up its finances in a bid to meet the GHC400 million-cedi requirement for commercial banks in Ghana.

YEN.com.gh understands that OmniBSIC Bank has been listed as one of the five well-run but solvent Ghanaian-owned banks.

READ ALSO: Monetary Policy Committee of Bank of Ghana reduces policy rate to 14.5%

The banks were selected to benefit from a GHC2 billion GAT support as they faced challenges in meeting the new minimum capital requirements.

The requirements, per a report by 3news.com, were stipulated by the Bank of Ghana (BoG) and took effect from January 2019.

GAT has also outlined plans to provide business development support for the banks to facilitate and strengthen their corporate governance and growth.

According to OmniBSIC, the fund comes at a time when it is finalising plans to meet the BoG requirement.

It added that it has intensified safety measures following the outbreak of the coronavirus and, therefore, encourages its clients to make use of its electronic channels in doing business.

Meanwhile, the Bank of Ghana has sent a word of caution to banks and specialised institutions to refrain from using liquid funds to purchase securities from either itself or the government of Ghana.

This comes after it approved the reduction of the primary reserve of banks from 10% to 8%.

The reduction was intended to release more liquidity to protect the economy against the impact of the coronavirus.

It was also to provide support for crucial sectors of the economy just like the reduction of the Capital Conservation Buffer (CCB) for banks from 3% to 1.5%.

READ ALSO: Ghana's 2019 debt total stock showed 25.93% increase - Bank of Ghana

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Source: Yen.com.gh

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