BoG Resets Minimum Capital Requirements

The Bank of Ghana has reset the minimum capital requirements for obtaining a universal banking licence at GH¢60 million.Existing banks are required to attain a minimum capitalisation of GH¢60 million by December 31, 2009.
 
According to a statement from the Bank of Ghana, Ghanaian-owned banks have been given a longer time period to meet the new minimum capital requirements.
Under the directive, banks with local majority share ownership will have to attain a capitalisation of at least GH¢25 million by the end of 2010 and GH¢60 million by 2012.
The capitalisation requirements constitute part of the bank's strategy to deepen the financial sector and support Ghana's drive for accelerated growth to achieve middle-income status.