Report on local banks submitted to President Akufo-Addo

Head of Banking Supervision at the Bank of Ghana, Osei Gyasi says the merger of the five banks by the Central bank is to strengthen the balance sheets of these banks. 

Speaking on GBC’s “Behind The News”, Mr Gyasi said the collapse of the banks should not be seen as a weak supervisory role by the Central bank but an effort to clean up the banking sector.

Meanwhile, a report on the state of local banks in the country has been submitted to the President.  

Following a petition local banks sent to the President requesting for an extension of the deadline for the new minimum capital requirement, a committee was set up to assess the health of the indigenous banks.  

According to Mr. Gyasi, the committee has completed its work and handed over its report to government.

gbcghanaonline.com
---DECRYPTED---