Ghana revokes licences of two banks and merges them with the Consolidated Bank Ghana

The Bank of Ghana (BoG) has revoked the licences of the Heritage Bank and the Premium Bank and has merged them with the Consolidated Bank Ghana.

The Bank of Ghana

This follows an announcement by the BoG’s Governor, Dr Addison.

At a press conference, the Governor revealed that the reason among many which led to the revocation of the licences of the two banks was due to the issue of low capital.

The capital adequacy ratio of Premium Bank, for instance, was found to be negative 125%.

As a result, selected assets and liabilities of the Premium Bank and Heritage Bank has now been transferred to the Consolidated Bank.

This comes on the back of the expiration of the deadline given to banks in Ghana to recapitalize by at least $81million by December 31, 2018, or risk having their licences revoked.

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