Accra, April 14, – The Council of
State has given backing to measures taken by the Bank of Ghana (BOG) to protect
the interests of depositors.
It asked that it continued to
strengthen its regulation enforcement to ensure sanity in the banking sector.
This was contained in a press
release signed by the acting Secretary of the Council, Mrs. Peace A. P.
Okantey.
It followed a meeting held to
discuss with the Governor a petition sent to the President by the Ghana’s
Indigenous Banks, a copy was given to the Council.
The banks are unhappy about the
new minimum capital requirement, which has been pegged at GH₵400 million by the Central Bank.
The release said the Council
after extensive deliberations and careful examination of available options
urged the BOG to intensify its due diligence, monitoring and enforcement
processes to safeguard the interest of depositors.
It additionally asked that it
broadened its avenues for public engagement.
“Ultimately, depositors’
interests must be protected at all times and the public needs to be assured to
boost confidence in the banking sector.”
The Council advised indigenous
banks unable to meet the BOG’s capital requirements to enter into mergers.
The BOG has raised the minimum
paid up capital for existing banks and new entrants from GH₵120 million to GH₵400 million.
This represents an increase of
233.33 per cent and all existing banks, together with new entrants have up to
the end of December 2018 to comply with the new capital requirement.
According to the BoG, this has
become necessary to strengthen and modernise the financial sector to support
the government’s economic transformation agenda.
GNA
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