The 1st Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku-Afari, has informed the Public Accounts Committee that banks have been given till December 2018 to meet the minimum capitalization.

“In accordance with the banking act, the bank of Ghana discussed in consultation with the banks and other stake holders to increase the minimum capitalization of banks from GHC 120 million, as it is now, to GHC 400 million with effect from yesterday. And banks have been given up till the end of December 2018 to meet this capitalization”, he said.

“A couple of reforms have been introduced. One of them was to make sure that banks are adequately capitalized so that they will be able to support the activities in line with the growth projections in the economy, in line with the exposures of these banks and also in line with the degree of sophistication and the unique risks these banks are exposed to”, he added.

He admitted that it is the expectation of the BoG that businesses that have been licensed to operate as banks in the country will meet this minimum capital requirement, in order to place them in a position conducive enough to support the economic activity, growth and transformation agenda of the country.