BoG Governor Says It Has Completed Banking Sector Reforms

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said the banking sector reforms that begun some two years ago has finally come to an end.

Speaking at a press conference on the banking sector reforms, Dr Addison said the number of banks in the country has now reduced from 33 to 23.

He said 16 banks – Ecobank, Zenith, GCB, Standard Chartered, Stanbic, Fidelity, UBA, Barclays, Access, Consolidated, CAL, FNB, Republic, Societe General, GT Bank and the Bank of Africa – have so far met the minimum capital requirement as at December 31.

Three banks – First Atlantic Merchant Bank/Energy Commercial Bank, Omni Bank/Bank Shael Sahara and First National Bank/GHL Bank – have also received the blessing of the Central Bank to merge.

Five indigenous banks – ADB, NIB, Omni/BSIC, UMB and Prudential – will be benefiting from government GAT initiative with the Bank of Baroda existing and transferring its customers to Stanbic Bank.

---JoyBusiness