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The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has emphasized his confidence in Banks in Ghana meeting the minimum capital requirements of Ghc 400 million at the end of the year.
He said about 22 indigenous banks are close to meeting the requirements with few of them merging.
The Governor said this at the Monitory Policy Committee (MPC) press briefing during which the committee maintained the policy rate at 17 percent.
Dr. Addison further stated that the recapitalization exercise for banks remained unchanged as the BoG with much effort continues to monitor and work closely with the banks to meet the requirements.
“We are happy to note that many banks are close to meeting the new minimum requirement capital and few are concluding discussions on mergers,” he stated, adding that, “the BoG is monitoring the savings and loans companies as well as the micro finance investments (MFIs) and working with the Finance ministry to resolve the distress situation in the sector.
“W are working closely with the Ministry of Finance on a plan to resolve these distress problems found in the savings and loans and the MFIs sector with the view to restoring trust and confidence in the sector,” he mentioned.
He said the financial sector, dominated by the banking sector is sound, well-capitalized and resilient as a recent stress test within the sector showed an improved sector.
He said however, that the on-going reforms, undertaken by the BoG in the banking sector includes supervisory, vigilance, and strict enforcement prudential regulations and it would address all the weak exposures in the sector.
Source: Nii Aflah Sackey