At least three local banks are likely to cease to be in operations today as the Bank of Ghana readies to announce banks that have been unable to meet its new minimum capital requirement of GHC400 million.
According to sources, the affected banks have not been in existence for long with their operations spanning between 2 and 5 years.
The development comes as the Construction Bank voluntarily folded up its Ghana operations on Tuesday, July 31, 2018.
In a statement sighted, stated that the bank said: “The Board would further like to inform all customers that should they require additional information and assistance, they may contact the Bank’s Head Office branch at The Octagon, Central Business District, Accra.
“The Construction Bank would like to extend it’s sincere thanks to all our cherished customers and stakeholders for their faithful support of our vision in doing business with us”
The Central Bank increased the minimum capital requirement for banks from GH¢120 to GH¢400 million to improve stability in the banking industry whilst growing the industry.
Analysts and market watchers believe few but larger banks will help accelerate the country’s economic growth quickly since they can underwrite big-ticket transactions as well as remain liquid and stronger. The few but stronger banks they believe will also help to reduce the cost of credit, access to credit, non-performing loans, amongst others.
There are about 24 and 19 universal banks in Nigeria and South Africa, compare to the 34 banks in Ghana through South Africa and Nigerian economies are far bigger than Ghana. However, there are foreign banks with representative offices in these two and populous countries.
A Civil/Structural Engineer & Freelance Blogger, Journalist, Social Media Mogul, Digital Marketer, Entrepreneur, and Philanthropist. CEO of Skyline Consortium & 9189 Media Consult and Co-Founder of Team Sarkodie. An alumnus of Prempeh College where he read General Science. He holds a first degree in Bachelor of Science from the Kwame Nkrumah University of Science and Technology. His mentors are Alvar Alto, Rupert Murdoch, Piers Mogan, Mensa Otabil, Bernard ElBernard Nelson-Eshun. Blogs for; http://www.233times.com | www.paemuka.com | http://www.playmusicgh.com | http://www.muzikiq.com | http://www.brandsaid.biz . Social Media Manager for Eon3 Group | BrandsAid | Kings Crown Media | Carabao Africa Ghana & Africa | Calvary Temple - ICGC | Team Sarkodie | Muzik IQ | Kwaw Kese Please inquire more via Email: [email protected] | [email protected] Instagram & Twitter: @wise_tskd Facebook: Ell Samwise LinkedIn: EllSamwise King Dogbeview all posts by: Ellsamwise King
233times.com is a Ghanaian media house which serves as a major source of exclusive interviews ,music and video downloads, news and more.
233times.com reports on major events,news covering entertainment, politics, sports, etc from within Ghana, Africa and beyond.
We have a platform for the amateur artistes to portray their staggering talents ...more...
To advertise with us or make enquiries, please visit 233times.com/advertise or call +233266121799 (Selorm), +233248185848 (Nana Kwesi)