Many banks are close to meeting the Bank of Ghana‘s GH¢400 million Minimum Capital Requirement (MCR) as the 31 December 2018 deadline approaches, Governor of the central bank, Dr Ernest Addison, has said.
“We are happy to note that many banks are close to meeting the new Minimum Capital Requirement and a few are concluding discussions on merger”, Dr Addison said at a press briefing on Monday, 26 November 2018.
The central bank Governor said the apex bank is working closely with the banks to ensure that they meet the new requirement, adding that the Bank of Ghana expects 2019 “to commence with a well-capitalised, very robust banking system with no weak institutions”.
Dr Addison also said the BoG is monitoring the savings and loans as well as the microfinance sphere to mop up the “distressed institutions in the sector” with the help of the Ministry of Finance.
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