A Deputy Governor of the Bank of Ghana Madam Elsie Awadzi, has disclosed that twenty out of the 30 existing universal banks in Ghana have met the GHC400 million Minimum Capital Requirement of the Bank of Ghana as the 31 December 2018 deadline approaches.
She made the disclosure at Second Deputy a Finance forum in Accra.
“Over 20 banks have met [the minimum capital requirement] or are already there and we have 30 banks, so, the rest, we are meeting them on a daily basis to say: ‘Tell [us] where you are on your capital raising plans’.
“We are confident that they are going to meet [it] but if for some reason they cannot meet and will not merge, well, then that is another matter altogether, but we cannot allow banks that are not well-capitalised to remain in the system after 1 January”.
According to her, Banks who fail to meet the new capital requirement will be downgraded to Savings & Loans or Microfinance institutions.