ten banks eliminated from the race for restructuring

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The governor of the Central Bank of Ghana (BOG), Ernest Addison said last week, in a statement to the local press, that Ghana now has only 23 commercial banks. These are the only ones to have reached the declared capital in force since December 31, 2018 which amounts to 400 million cedis (GHS), against 150 million previously.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "According to the manager, this measure responded to a process of consolidation in the Ghanaian banking sector. "The Minimum Capital Directive was part of the regulatory measures aimed at strengthening the banking sector and making it more resilient to shocks, as well as helping banks to reposition themselves to better meet the growing needs of the Ghanaian economy.Said Ernest Addison. The official added that this recapitalization process is necessary to promote "consolidating the sector through sustainable mergers and acquisitions, as well as stronger corporate governance structures and risk management systems and practicesAccording to the manager, this measure responded to a process of consolidation in the Ghanaian banking sector. "The Minimum Capital Directive was part of the regulatory measures aimed at strengthening the banking sector and making it more resilient to shocks, as well as helping banks to reposition themselves to better meet the growing needs of the Ghanaian economy.Said Ernest Addison. The official added that this recapitalization process is necessary to promote "consolidating the sector through sustainable mergers and acquisitions, as well as stronger corporate governance structures and risk management systems and practices".

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To succeed in the bet launched by the BOG, 16 out of 23 banks capitalized the surplus revenue, by operating a new capital injection. Three of them decided to merge while others had to inject private equity funds from Ghana through Ghana Amalgamated Trust Limited (GAT).

Note that this process of consolidation cost the state not less than 12 billion dollars, nearly 58 billion GHS.

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Ghana: CAL Bank increases its minimum capital and falls into line
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Ghana: CAL Bank increases its minimum capital and falls into line
Morocco's Attijariwafa Bank and Ghana's GCB Bank announce partnership
Ghana: Business welcomes the government's promise to erase the slate of the state towards businesses
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