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Banking In Ghana 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.

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The Bank of Ghana is expected to put two more local banks in administration this week.

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 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.

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

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

This comes after the BoG appointed an advisor to  Sovereign Bank Limited last week.

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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.

In March this year, the Central bank put popular indigenous bank Unibank in administration over same liquidity challenges.

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