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Bank of Ghana merges five local banks.






The Bank of Ghana has consolidated five local banks into what it calls the Consolidated Bank Ghana limited.
The banks are Beige Bank, Construction bank, Royal bank, uniBank and Sovereign bank.
According to the Governor of the Bank of Ghana, Dr. Ernest Addison, some of the banks obtained their licenses through false means by presenting documents that painted a picture as though they could meet the new capital requirement.

“The government has recapitalized the consolidated Bank Ghana Limited to take on including all liabilities of these five banks. The government has also issued a bond of GHc5.76 billion to cover the gap between the liability and assets assumed by the Consolidated Bank.

The Consolidated Bank Gh. Ltd is expected to play a strategic role in the transformational agenda of the government,” he said.
Dr. Addison however assured clients of the affected banks that “your monies are safe.”

By: Godwin Akweiteh Allotey/citinewsroom.com/Ghana

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