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Second Deputy Governor of the Bank of Ghana (BoG), Mrs. Elsie Awadzi, has said the central bank is closely monitoring a few troubled banks so they implement the necessary reforms to get them back on a sound footing.
She indicated that the work being done by the central bank on troubled banks is yielding results.
This follows recent reports of serious liquidity challenges being faced by some banks which could result in their takeover by the BoG.
She said significant progress has been made by the BoG in assisting the troubled banks to stand on their feet, adding that the central bank will continue to be diligent as far as executing its oversight responsibilities is concerned.
“There are a few banks we will continue to monitor, we will make sure that they are implementing the recovery plans they have agreed with the Bank of Ghana”.
“And, so far we have no cause to be concerned, so, your money is safe, the banking sector is safe, we are monitoring every bank closely, so, we won’t get any surprises,” she explained.
She disclosed that some commercial banks have indicated their preparedness to merge with other banks in other to help them meet the minimum capital requirement of GHS400 by 31 December 2018.
“As a regulator, we set the rules for good reasons, so, we expect all banks to comply with the minimum capital requirement,” She added.
“What we recognise is that a lot of the banks are already on track, there are a few who have indicated that they might have to merge, we strongly encourage that we will do everything within our power to facilitate the process of merges and acquisitions,” she told the media.