The Bank of Ghana (BoG) insists all banks are required to meet the new minimum capital requirement of GHC400million by the 31 December 2018 deadline, despite pleas by some domestic banks for the deadline to be extended to 2023.

Speaking at a breakfast meeting for Chief Executive Officers and other senior management members of banks in Accra on Tuesday, 24 April 2018, the Second Deputy Governor of the Bank of Ghana, Mrs Elsie Awadzie, said: “The BoG directive still stands and we expect all banks to meet the requirement by December 2018”.

“President Nana Addo Dankwa Akufo-Addo has set up a committee with key stakeholders to explore ways in which indigenous banks can be supported, but that has nothing to do with the directive,” she added.

The BoG in December 2017 increased its minimum capital requirement for commercial banks from GHS120 million to GHS400 million.

Banks unable to meet the deadline will face possible repercussions which include the loss of their banking license.

Industry players have therefore urged Banks unable to meet the requirement to merge to avoid getting shut down.