Local banks in Ghana have in recent years been faced with a lot of financial challenges which has seen most of them being taken over by Bank of Ghana or being merged with other banks.
This is primarily because they have struggled to meet BoG’s minimum capital needed for operation.
The first victims were UT Bank and Capital Bank which were taken over and given to GCB Bank. Subsequent victims have also included the Royal Bank, Construction Bank, uniBank, Beige Bank and Sovereign Bank who were merged to form the Consolidated Bank Ghana.
The latest victim is Dr. Paa Kwesi Ndoum’s GN Bank which couldn’t meet BoG’s new $400,000,000 minimum capital to operate a bank. They have from henceforth been downgraded to a Savings and Loans Institution.
More to come soon: