The Member of Parliament (MP) for Bolgatanga Central,
Mr Isaac Adongo, has appealed to the Bank of Ghana (BoG) to give indigenous banks more time to raise their minimum capital to the new requirement of GH¢400 million .
He said unlike
As a result, he said, the central bank needed to treat them separately in its demand for the minimum capital of banks to be raised from GH¢120 million to GH¢400 million by December, this year.
He also advised Ghanaians to have faith in the indigenous banks, explaining that they were well-placed to weather the storm facing them and emerge
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The founding President of IMANI Centre for Policy and Education,
He said the extension would help create a fair platform for both local and foreign banks to raise the needed capital.
Earlier, the Association of Indigenous Universal Banks had argued that their respective financial situations made it impossible for them to
They, therefore, requested an additional four years to enable them to meet the BoG’s new capital demand.
Like the indigenous banks,
That, he said, was injurious to the economy, given the impact on indigenous entrepreneurship, capital flight
Currently, out of the 30 banks in operation, 13 are indigenous-owned banks while 17 are foreign-owned.
It follows the withdrawal of the
Otabil didn’t err
Touching on the role of directors in the collapse of the banks,
He said the originators of that report, Boulders Capital, lacked the competence to undertake an assurance on a bank.
That lack of competence, he stated, was evidenced in the firm’s conclusions that the board of the Capital Bank erred when it used some liquidity support from the BoG for loans.
“That report is the most useless piece of work and the most useless share of public funds to friends.
“Since this matter started, you
As a bank,
Therefore, by lending the funds to customers, he explained that the bank was only undertaking its core mandate, the reason Pastor Otabil should not be blamed.
He said until Boulders Advisors found something fundamentally wrong with