The revocation of Heritage bank’s licence was fair - Governor of Bank of Ghana

Governor of the Bank of Ghana, Dr Ernest Addison
  • The Bank of Ghana earlier this month revoked the licence of Heritage Bank.
  • The majority shareholder, Seidu Agongo has accused the BoG of unfair treatment.
  • But Governor of the BoG, Dr Ernest Addison has denied any unfair treatment in revoking the licence of Heritage Bank.

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison has denied allegations that Ghana’s central bank unfairly revoked the license of Heritage Bank.

His comments come after the majority shareholder of the defunct Heritage bank, Seidu Agongo accused the Bank of Ghana of acting in bad faith by revoking the licence of the bank.

Earlier this month, the BoG revoked the licence of Heritage Bank. Dr Ernest Addison said this was because the original source of finance for the bank is currently a basis of criminal prosecution in court.

He added that Seidu Agongo was not a “fit and proper person” to be the significant shareholder of HBL.


However, Mr Agongo said in a statement that the BoG’s decision is a pre-judged one which should not have happened.

“The determination that I am not a fit and proper person to be a significant shareholder of HBL because the Central Bank suspects the funds are derived from illicit or suspicious contracts with the Cocobod is not only calculated to pre-judge the outcome of the criminal proceedings but also violative of the principle of presumption of innocence to which every individual is entitled. Since when has suspicion become a substitute for credible evidence?”

He insisted emphatically that in establishing HBL “I engaged in no underhand dealings and, in fact, as the Central Bank itself had attested on many occasions, HBL was a very well governed Ghanaian bank which remained solvent till the very end.”

But Dr Addison emphasised that the BoG used all the required rules under the Banking Act and was also transparent in revoking the license.

He explained that Heritage Bank’s license was revoked due to a suspicious stated capital and their inability to meet the new GHc400 million minimum capital requirement.


The bank was absorbed by Consolidate Bank Ghana Limited, joining six other banks as part of reforms in the banking sector.


Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or: