Three institutions have secured Bank of Ghanaâ€™s approval to operate as a commercial bank in the country. They include Sovereign Bank, an institution made up some Ghanaian investors and foreign partners, Union Savings and Loans and Heritage Bank.
Sovereign Bank, could be first among the three, to begin operations, because it is the only one among the them that has secured a final license from the Bank of Ghana to open its doors to the public.
Sovereign Bank is said to have received its final license in January this year.Â Â However for Union Savings and Loans and Heritage bank, they may have the next six months to put all the necessary structures in place before they can open their doors toÂ Â the public.
If all the institutions start operations, the number of commercial banks in the country could increase to 32.
Checks with the Bank of Ghana also show that, some international banks have already opened representative offices in Ghana.
They include CITI Bank, Exim Bank of Korea, Bank of Beirut which is headquartered in Lebanon.