No review for GHC 60m recapitalization requirement deadline – BoG

The Bank of Ghana (BoG) has reiterated it will not review the deadline for all universal banks to meet the GHC 60 million recapitalization requirement.

According to the Central Bank, none of the banks is exploring the option of listing on the Ghana Stock Exchange (GSE) as an alternative to fully raising the GHC 60 million.

About six more banks are yet to meet the requirement with less than two more months to go.

The Acting Governor of the BoG, Dr. Henry Wampah at Unibank’s Staff Dinner and Awards Nights over the weekend said, his outfit is monitoring closely activities of these banks.

He explained that “the Bank of Ghana issued a notice to all banks and the general public in which it emphasized that the deadline for compliance with the minimum capitalization was binding and encouraged banks to explore all avenues including listing on the Ghana Stock Exchange as a way of raising additional capital to meet the minimum capital requirement.”

Dr. Wampah expressed that hope that all banks are on course with their capital plans because no bank no bank has exploited the stock market option which was given.

He however revealed that the “the Banking Supervision Department of the Bank of Ghana will continue to monitor capitalization plans of the remaining banks with the view to ensuring that all banks are compliant with the directive.”

Meanwhile, Unibank which is also yet to meet the deadline has announced that it will meet the recapitalization deadline in the next two weeks.


By: Citifmonline.com/Ghana