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We'll complete recapitalisation by Jan 7 - Bank of Africa Ghana

BY: Maxwell Adombila Akalaare

The Bank of Africa (BoA) Ghana Limited says it has "almost" completed processes needed to raise its minimum paid up capital to GHȻ400 million.

In a statement responding to a Graphic Online’s publication on the status of the bank's recapitalisation, BoA said it expects to complete the recapitalisation process and receive full approval from the Bank of Ghana on January 7.

The Bank of Ghana’s recapitalisation directive, which raised the minimum paid up capital of banks from GHȻ120 million to GHȻ400 million, ended on December 31, 2018.

The central bank is expected to make a statement on the directive in the coming days.

Read also: Has your bank recapitalised yet? Here is the list

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Below is the statement from BoA.

BANK OF AFRICA
NEW MINNIMUM CAPITALISATION
Dear Cherished Customer,

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.

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.

HAPPY NEW YEAR!
Managing Director