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    IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring

    IMF, World Bank work to accelerate debt treatment for Ghana, others under G20

    Zambia advises Ghana to have restrictive laws on debt accumulation 

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

    Customer Service Week: Pan-African Savings and Loans provides medical services to clients

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    IMF clarifies Ghana’s growth rate projection

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

    IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout

    Development Bank Ghana set to diversify financial offerings by introducing equity fund alongside lending activities.

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    World Bank projects Africa’s economy to slow down to 2.5%

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Banks’ paid-up capital shows 74.8% increase after BoG reforms

bycitibusinessnews
May 16, 2019
in Banking And Finance, Economy, Top Stories
Dr. Ernest Addison

Dr. Ernest Addison

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Data from the Bank of Ghana has shown strong growth in bank’s total paid-up capital — rising to GHS9 billion as at end of February 2019.

The March 2019 Banking Sector Report revealed that last year’s increase in minimum capital requirement saw an increase in banks’ paid-up capital from GHS5.05 billion as at February 2018 to about GHS9.02 billion, a 78.4 percent increase year-on-year.

The central bank had embarked a number of reforms to boost the soundness of the financial sector. Key to the reforms was the increase in minimum capital requirements from GHS120 million to GHS400 million, more than 230 percent increase.

The reforms had banks that were deemed to be facing insolvency either collapsed by the central bank or taken over by stronger competitors.

In all, nine indigenous bank were affected by the BoG’s reforms leading to a revocation of their licenses with others opting for mergers in order to meet the minimum capital requirements.

 

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