BoG collapses 5 banks into Consolidated Bank Ghana Ltd

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The Bank of Ghana has merged five banks into a Consolidated Bank of Ghana Limited.

The banks are BEIGE, Sovereign, Construction, UniBank and Royal Bank.

It follows the insolvency of the four banks after investigations by Bank of Ghana.

The BoG Governor, Dr. Ernest Addison announced this Wednesday afternoon.

Reporters from the press conference state that the Consolidated Bank Ghana Limited is expected to help the government in economic development.

The government has also issued a bond totaling GHc5.6 billion to cater for bad assets of the four banks, Dr. Addison said.

Explaining, the Governor said Unibank and Royal Bank were undercapitalized and that those banks were beyond rehabilitation.

On Royal Bank, he said non-performing loans were high whilst Sovereign Bank’s license, he said was granted under the suspicious act.

Dr. Addison said the consolidated banks will be headed by Simon Dornoo.

…more to follow soon (the press conference is still underway)

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