Bank of Africa Ghana has dismissed claims that it has no meaningful information on its recapitalization requirements.

The bank has in a statement said that it will complete the process for its full capitalization by Monday, January 7.

The announcement comes on the back of news circulating on social media that the bank has “no credible news on its capitalization plans” following the new minimum capital requirement for banks operating in the country.

The Bank of Ghana in 2017 set the new minimum capital requirement for banks operating in the country at GHC 400 million with the deadline being December 2018.

In a communique to its customers and signed by the Managing Director, the bank said the information circulating on social media was incorrect.

“Our attention has been drawn to a news item circulating on various social media platforms on the new minimum capital requirement. The said news item suggests that BANK OF AFRICA Ghana Limited has no credible “news” on its capitalization plans. This information is incorrect.”

The statement continued “BANK OF AFRICA Ghana Limited has almost completed the processes for its full capitalization and expects to complete the process and receive full capitalization by January 7, 2019."

"The capitalization processes of BANK OF AFRICA Ghana Limited has been fully communicated to the Bank of Ghana. We assure you of the soundness of BOA-GHANA and look ahead to a more exciting and fruitful relationship in 2019.”