List Of The 23 Banks Which Survived Bank of Ghana (BoG)’s Banking Sector Clean-up
The completion of the Bank of Ghana (BoG)’s cleanup of the country’s banking sector which has seen the number of commercial banks dropped from 33 to 23, has been announced .
According to the BoG, its exercise was triggered by the many challenges which were facing the sector which included but not limited to high non-performing loans and insolvency due to “poor corporate governance, false financial reporting, and insider dealings”.
The BoG said “the financial system had reached a tipping point and we could not have assumed business as usual”.
The two-year reforms which ended December 31, 2018, resulted in the collapse of nine banks, downgrading of one, merging of six banks and exiting of one.
Governor of BoG, Dr Ernest Addison told a news conference Friday that the 23 remaining banks “have all met the new minimum paid-up capital of GHC400 million”.