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Banking sector consolidation completed, banks reduced from 36 to 23

BY: Maxwell Akalaare Adombila
BoG Governor, Dr Ernest Addison
BoG Governor, Dr Ernest Addison

Bank numbers in Ghana have reduced from 36 to 23 under a banking sector cleaning exercise that led to the collapse of nine banks and three mergers.

The exercise also coincided with the exit of the Bank of Baroda in December 2018.

The Governor of the Bank of Ghana, Dr Ernest Addison said the clean up exercise has since ended and a strong and resilient banking sector should be expected.

He said the exercise was "expensive" and cost the state in excess of GHc12billion.

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CLICK HERE TO DOWNLOAD FULL PRESS STATEMENT OF BOG ON THE BANKS

Watch the BoG's press conference below