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General News
BOG sets minimum capital requirement for new banks 8/18/2013

New banks entering Ghana’s banking industry will be required to have a minimum capital of GHC120 million Cedis.

The Bank of Ghana has reviewed upwards the minimum capital required for commercial banks to operate in the country to GHC120 million from the 60 million cedis it set previously.

There were earlier reports that the Bank of Ghana had increased the figure to GHC100 million cedis but it appears it rather settled on GHC120 million cedis.

The bank has also reviewed upwards new capital for other financial institutions.

Savings and Loans companies will now be required to have GHC15 million Cedis as their new minimum capital from the GHC7 million required earlier.

That of Rural and Community banks have also been increased to GHC300, 000 from GHC150, 000.

First Deputy governor of the Bank of Ghana Millison Narh made the announcement at the 32nd Annual General Meeting (AGM) of the Ghana Association of Bankers.

Meanwhile the association at the end of the AGM elected the MD of Ghana Commercial Bank (GCB) Simon Dornoo as its new president.

He replaces Asare Akuffo who is the Managing Director of HFC bank.

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