President of Groupe Ndoum, Dr. Papa Kwesi Ndoum has told Citi Business News GN Bank will be able to meet the Bank of Ghana’s deadline set to attain new minimum capital requirement for banks.
The Bank of Ghana has set December 2018 as the deadline for all banks in the country to meet the new capital requirement of 400 million cedis.
The figure was increased from 120 million cedis.
Speaking to Citi Business News, Dr Papa Kwesi Nduom who is also the founder of the Progressive People’s Party(PPP) was confident the GN Bank will be able to meet the target of 400million cedis by the end of next year.
“Some of you may be wondering they have come up with this big minimum capital of 400 million cedis. Some people are just wondering will GN Bank be able to find that kind of money. It’s no small money, but I want to tell you that GN Bank will have that money by the end of next year” he said.
He added that GN Bank will continue to operate with other players in the industry to produce quality banking to Ghanaians.
“Because we have a business we want to do and hopefully as we go over the years you will also find that we may be where you are but we want to do what we do in collaboration and we want GN Bank to remain and do the good things that it is supposed to do together with other players in the system,” he added.
Mr. Ndoum’s assertion comes after a Credit Risk Consultant and Banker, Emmanuel Akrong indicated that over 25 banks in the country will have to race against time to meet the new capital requirement as their current capital is less than 50 percent of the 400 million cedis quoted by the central bank.
He argued that although all 35 banks in the country are required to present their restoration plans, 3 will easily meet it while seven are in a position to meet it but for the payment of dividends and exclusion of unaudited accounts for the first half of 2017, among others.
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By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana