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The Governor of the Bank of Ghana (BoG) has revealed that 19 banks are likely to meet the new Minimum Capital Requirement (MCR) of GHS400 million by the 31 December 2018 deadline.
Dr Ernest Addison said this after the recent Monetary Policy Committee (MPC) meeting.
“I think we have seen further improvement in the number of banks that are probably going to meet the GHS400 million minimum capital requirements. If I stuck my neck out on 15 banks as of the last MPC, maybe I can stick my neck out for 19 banks at this round of MPC,” Dr Addison told journalists on Monday, 24 September 2018.
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On September 11, 2017, announced that it had revised upward the minimum paid-up capital for existing banks and new entrants, from GHS120million to GHS400million.
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All existing banks, as well as new entrants that have obtained approval in principle, have been given up to the end of December 2018 to comply with the new capital requirement.
According to the BoG, this move is to strengthen and modernise the financial sector in a bid to support the government’s vision and transformational agenda.