news

The Council of State has entreated local banks to consider merging so that they can meet the new capital requirement by the Central Bank.

This comes after the indigenous banks petitioned the Presidency and the Council of State over the amount and timelines to achieve the new capital requirement.

The Council of State met with the Central Bank and the indigenous banks after which a statement was released.

READ ALSO: Ghana’s economy grows by 8.5% in 2017

It called on the Bank of Ghana to increase its monitoring activities in order to bolster confidence in the banking sector.

“The council advised indigenous banks which could not meet the bank of Ghana’s capital requirement to enter into mergers to compete favourably and ensure sanity in the banking sector.”

“While supporting measures so far taken by the bank of Ghana to ensure prudence in the banking sector, the council urged the bank to broaden its avenues for public engagement. Ultimately depositors interest must be protected at all times, and the public needs to be assured to boost confidence in the banking sector,” the statement added.

In 2017, the Bank of Ghana increased the minimum capital requirement to GH¢400 million, equivalent to about US$100 million. This is a 333.3 percent increase from the minimum capital of GH¢120 million.

READ ALSO: Work resumes at Ahafo mines following the death of 6

Commercial banks in the country have up to December 2018 to raise the amount.

Banks were last recapitalized in 2012 when the BoG asked them to raise their stated capital from GH¢60 million at the time to the current GH¢120 million.

That round of recapitalization led to the consolidation of three banks, The Trust Bank (into Ecobank), Intercontinental Bank (into Access Bank) and Amalgamated Bank (into Bank of Africa).

! function(f, b, e, v, n, t, s) {
if(f.fbq)return;
n = f.fbq = function() {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if(! f._fbq)f._fbq = n;
n.push = n;
n.loaded = ! 0;
n.version = ‘2.6’;
n.queue = [];
t = b.createElement(e);
t.async = 1;
t.defer = 1;
t.src = v;
s = b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t, s)
}(window,
document, ‘script’, ‘//connect.facebook.net/en_US/fbevents.js’);
// Insert Your Facebook Pixel ID below.
fbq(‘init’, ‘1687302461508505’);
fbq(‘track’, ‘PageView’);

/* <![CDATA[ */
var fbAsyncIds = [],
fbStatUrls = [];
$(window).load(function() {
$.getScript('http://connect.facebook.net/en_US/all.js', function() {
FB.init({
version: 'v2.6',
appId: '281583498707150',
cookie: 'www.pulse.com.gh',
oauth: true,channelUrl:'http://connect.facebook.net/en_US/all.js'
});
$('.fblb')
.each(function() {
FB.XFBML.parse($(this)
.get(0));
});
});
window.fbAsyncInit = function() {
for(var i = 0; i */

twttr.ready(function(twttr) {
$(‘.tw’).removeClass(‘hidden’);
/*twttr.events.bind(‘click’, function (event) {
console.log(‘twitter clicked’);
});*/
/* twttr.events.bind(‘tweet’, function(event) {

trackLike(“”, “twitter”);
});*/
});

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if(d.getElementById(id))
return;
js = d.createElement(s);
js.id = id;
js.async = 1;
js.defer = 1;
js.src = “http://connect.facebook.net/en_US/all.js#version=v2.6&xfbml=1”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
document.getElementById(‘facebook-jssdk’)
.addEventListener(‘load’, function() {
FB.Event.subscribe(‘comment.create’, function(comment_response) {
trackLike(“”, “comment_facebook”);
});
});

Sign Up for Our Newsletters

Stay Informed | Stay Smart - Get our daily updates

You May Also Like

No school for me, I make more money selling “hausa koko” than some workers’ salary

Amina admits that she herself would have liked to have completed school but remains adamant that early marriage is not an entirely terrible thing and says she makes more money from “hausa koko” than some workers’ salary

2 former GIS staff fraudulently paid 89,000 Ghana cedis

Two ex-employees of the Ghana Immigration Service (GIS) in Koforidua in the Eastern Region were wrongfully paid a total salary of GHS89,789.68 for three months.

TUC raises concerns over increase in number of casual workers

The Trades Union Congress is displeased about the increasing change of the status of Ghanaian workers in the private sector from permanent staff to contract or casual workers.

JEROME KUSEH: Why debt doesn’t have to be a dirty word

Debt is too often viewed as an indication that one is unable to save, unable to live within his/her means or impatient in acquiring the finer things in life., writes iGhanaian Blogger, Jerome Kuseh.