A 10-member committee is expected to be set up by President Akufo-Addo to act on a petition brought before him by some local banks to intervene on their behalf following the directive by the Central Bank for local banks for an extension in the deadline date of the minimum capital requirement for indigenous banks.
The decision to set up the committee was reached at an earlier meeting between the president and representatives from the local banks.
The committee will be made of three members from the Bank of Ghana, three members from the Ministry of Finance, three members from the local banks and a chairperson to be nominated by the president.
The committee is expected to be set up and commence work on April 17 and complete work on May 26th, 2018.
Some local banks met the president to appeal for an extension of the timeline in meeting the minimum capital requirement from one year to four years.
The local banks want the deadline to be extended from December 2018 to 2022.