Premium Bank collapsed, merged into Consolidated Bank Ghana

BY: Maxwell Akalaare Adombila

The Bank of Ghana (BoG) has withdrawn the licence of Premium Bank Limited for breaching sections of the Banks and Specialised Deposit Taking Institutions Act.

The Governor of BoG, Dr Ernest Addison announced this at a press conference Friday evening.

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Together with Heritage Bank which has also been collapsed by the BoG, government has issued a GHc1.4bn bond to cover the gap.

The central bank has also approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to takeover the liabilities and selected assets of the now defunct two banks - Heritage and Premium.

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Watch the BoG's press conference below