Has your bank recapitalised yet? Here is the list

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

The Bank of Ghana (BoG) will, this week, announce the list of banks that have successfully raised their minimum capitals to GH₵400 million in compliance with its earlier directive, which elapsed on December 31, 2018.

Ahead of the official announcement, Graphic Online is making the following informed predictions based on reliable information pieced together.

Useful links Ghana Politics | Ghana Celebrity News | News in Ghana

1. We foresee BoG making key decisions on two of the banks, using provisions set out in Sections 103 to 137 of the Banks and Specialised Deposits Taking Institutions Act 2016 (Act 930).

Both banks are unable to recapitalise, with one having a capital deficit in excess of GH₵800 million.

2. We foresee one bank being downgraded to a savings and loans company for being unable to meet the minimum paid-up capital as of the December 31, 2018 deadline


Ghana News Headlines

For today's latest Ghana news, visit Graphic Online headlines page Ghana news headlines.

3. We foresee BoG announcing that it has accepted a government-backed arrangement by private investors to raise up to GH₵2 billion through bonds to invest in six indigenous banks to enable them to meet the minimum capital.

The first tranche of the bond could be around GH₵800 million and will be used to recapitalise well-governed, solvent but undercapitalised banks (find list below).

The transaction is being executed by a special purpose vehicle, the Ghana Amalgamated Trust (GAT) Limited.

For current Ghana news | Ghana Business News | News in Ghana

Below is the list of banks and their status as far as the recapitalisation is concerned

Related stories:

Stanbic Bank ‘takes over’ Baroda’s customers

How the GH₵2bn bailout funds will be expended on the six banks

Six banks get GH₵2bn govt bailout to meet recapitalisation deadline

List of successfully recapitalised banks

1. Access Bank Ghana Limited

2. Barclays Bank Ghana Limited

3. CAL Bank Limited

4. Consolidated Bank

5. Ecobank Ghana Limited

6. FBNBank Ghana Limited

7. Fidelity Bank Limited

8. First National Bank Ghana Limited (FNB)

9. Republic Bank Ghana Limited

10. GCB Bank Limited

11. Guaranty Trust Bank Ghana Limited (GTBank)

12. Society Generale Ghana Limited

13. Stanbic Bank Ghana Limited

14. Standard Chartered Bank Ghana

15. United Bank for Africa Ghana Limited (UBA)

16. Zenith Bank Ghana Limited

Not recapitalised but being supported

17. ADB Bank

18. National Investment Bank (NIB)

19. Prudential Bank

20. Universal Merchant Bank Limited (UMB)

21. Heritage Bank Limited

22. OmniBank Limited

Ongoing mergers

23. Energy Commercial Bank Ghana Limited and First Atlantic Bank Limited

24. OmniBank and Sahel Sahara Bank

Ongoing takeovers

First National Bank Ghana Limited (FNB) takes over GHL Bank

Voluntary liquidation

Bank of Baroda (customers absorbed seamlessly by Stanbic Bank Ghana Limited)

Not recapitalised but no credible news yet

25. Bank of Africa Ghana (BoA) Limited

26. GN Bank Limited

27. Premium Bank Limited