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Only 15 banks to meet GH¢400m minimum capital by December – BoG

By Kweku Antwi Jnr

Only fifteen banks are expected to meet the new minimum capital requirement by the Bank of Ghana by December this year.

The Bank of Ghana that made these available to the media said, this means that at least nineteen (19) banks will have to resort to various options available to them to meet the minimum capital by the set deadline.

The Governor of the Central Bank, Dr Ernest Addison who made the disclosure also explained that already six banks have met the new requirement with nine others in the process of hitting the mark.

Four out of the six banks are on the way to meeting the requirement while the remaining two are likely to meet the capital requirement.

Dr. Addison who was speaking at the press engagement after the Monetary Policy Committee meeting on Monday, July 23, 2018 said BoG increases minimum capital from GHS120m to GHS400m.

All commercial banks have up to December 2018 to increase their minimum operating capital to GHS400.

Failure to do so could result in a bank losing the license or have its status reduced.

Indigenous banks have appealed for an extension of the deadline to meeting the minimum capital requirement.

They have petitioned the President over the matter seeking that the date be extended to 2022.

A committee established by the President to look into the concerns raised by the local banks, is yet to publish its findings.

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