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RADP / Pulse Ghana  >  news  >  business

BoG says 19 banks are likely to meet GHS400m MCR

Magdalene Teiko Larnyoh

Dr Addison did not mention the 19 banks but he added that they “are beginning to see more and more banks being likely to meet that minimum capital requirement.”

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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.

Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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