Ecobank Ghana has announced that it has met the Bank of Ghana’s new minimum capital requirement for banks.
The bank achieved this by transferring 190 million cedis from its income surplus to the stated capital.
This means that its capital is now at 416.6 million cedis.
Ecobank initially declared at its AGM in May 2018 of meeting the requirement by adding unto its stated capital.
Ecobank therefore joins the list of banks that have met the central bank’s minimum capital.
Commercial banks have till December 2018 to meet the new minimum capital requirement.
Failure to achieve the target could lead to a possible downgrade to a Savings and Loans Company or possible revocation of the bank’s license.
The central bank announced the recapitalization in August 2017.
The banks have a year and four months to achieve the target.
Already, local banks petitioned the President to intervene for an extension to December 2022.
But the regulator insists that there will be no extension.
Source: Citi Business News