Bank of Ghana BoG to renounce its ownership of two banks

The first Deputy Governor of BoG Millison Narh said they were taking this step to prevent the BoG from being partial in its supervisory role system.

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The Bank of Ghana (BoG) has revealed that it will give out its shares in two banks in the country.

The two banks are National Investment Bank (NIB) and Agricultural Development Bank (ADB).

According to the Ghanaian Times, the first Deputy Governor of BoG Millison Narh said this at a roundtable discussion with the State Owned Enterprises (SOEs) and institutional investors in Accra.

READ ALSO: Monetary Policy Rate maintained for fourth consecutive month

“To start with the BoG is seeking to transfer its shares in the National Investment Bank, to the Government of Ghana, who will then become majority shareholders. The government will then transfer ownership through strategic investors to inject capital and improve efficiency in the bank.”

Currently, the BoG holds 44.06 and 48.17 per cent shares in National Investment Bank (NIB) and Agricultural Development Band (ADB) respectively.

READ ALSO: BOG releases list of accredited microfinance companies

He said this was to prevent the BoG from being partial in its supervisory role system based on new laws that are being passed.

He also mentioned that the Central Bank is implementing a number of reforms to help build a better banking system in the country.

“In addition to these, the BoG has proposed an increment to the minimum capital base for all banks to improve on their core functions of financial intermediation.”

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