The Central Bank is holding a press conference to address issues regarding the revocation of licenses of some banks.

The Bank of Ghana has revoked the licences of UT Bank Ltd and Capital Bank Ltd and approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.

The bank explains that the action has become necessary due to severe impairment of the aformentioned banks' capital’.

The latest development is part of moves by government through the Bank of Ghana (BoG) to restructure the banking industry.

Watch a livestream of the program here: