ADVERTISEMENT

BoG to appoint administrators for more local banks

The 2 banks are said to be facing acute liquidity challenges and have been unable to deal with their problems despite regular support from the Central bank.

According to Accra-based Starr FM, one of the 2 banks is linked to a famous traditional ruler in the country, while the other has ties with a popular business-magnate.

The banks have become risky due to the panic withdrawals they have suffered over the last few months.

ADVERTISEMENT

Sources indicate that the Central Bank has notified the 2 banks of its decision.

A statement from the BoG said that “the Advisor is expected to help monitor the bank’s recapitalization efforts and implementation of governance reforms agreed with the Bank of Ghana. The Advisor will stay in the bank until otherwise advised by the Bank of Ghana, and will furnish the Bank of Ghana with a status report on the bank as frequently as the Bank of Ghana may require.”

“The Bank of Ghana takes this opportunity to assure depositors and customers of Sovereign Bank Limited that Sovereign Bank remains open for business under the control of the bank’s own management and that customers’ deposits are safe,” it added.

ADVERTISEMENT

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

ADVERTISEMENT