The Bank of Ghana has consolidated five banks into what it calls the Consolidated Bank Ghana limited.
The banks are Beige bank, Construction bank, Royal bank, Unibank and Sovereign Bank.
Per this decision, the central bank has merged all the banks into a bigger entity.
According to the Governor of the Bank of Ghana, Dr. Ernest Addison, some the banks obtained their licenses through false means by presenting documents that painted a picture as though they could meet the capital requirement.
The development comes on the back of the new minimum capital requirement of 400 million cedis, for commercial banks.
The banks have till December 31, 2018 to meet the minimum capital.
Some local banks have appealed for President Akufo Addo to intervene for a possible extension of the deadline for them.
They are seeking that the deadline be extended from December 31, 2018 to December 31, 2022.
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By: Lawrence Segbefia/citibusinessnews.com/Ghana