list of successful recapitalized banks in Ghana – know where to save your money .
The Bank of Ghana (BoG) will, this week, announce the list of banks that have successfully raised their minimum capitals to GHC400 million in compliance with its earlier directive, which elapsed on December 31, 2018.
Ahead of the official announcement, Graphic Online is making the following informed predictions based on reliable information pieced together.
1. We foresee BoG making key decisions on two of the banks, using provisions set out in Sections 103 to 137 of the Banks and Specialised Deposits Taking Institutions Act 2016 (Act 930). Both banks are unable to recapitalise, with one having a capital deficit in excess of GHC800 million.
2. We foresee one bank being downgraded to a savings and loans company for being unable to meet the minimum paid-up capital as of the December 31, 2018 deadline
3. We foresee BoG announcing that it has accepted a government-backed arrangement by private investors to raise up to GHC2 billion through bonds to invest in six indigenous banks to enable them to meet the minimum capital. The first tranche of the bond could be around GHC800 million and will be used to recapitalise well-governed, solvent but undercapitalised banks (find list below). The transaction is being executed by a special purpose vehicle, the Ghana Amalgamated Trust (GAT) Limited. Below is the list of banks and their status as far as the recapitalisation is concerned
List of successfully recapitalised banks
1. Access Bank Ghana Limited
2. Barclays Bank Ghana Limited
3. CAL Bank Limited
4. Consolidated Bank
5. Ecobank Ghana Limited
6. FBNBank Ghana Limited
7. Fidelity Bank Limited
8. First National Bank Ghana Limited (FNB)
9. Republic Bank Ghana Limited
10. GCB Bank Limited
11. Guaranty Trust Bank Ghana Limited (GTBank)
12. Society Generale Ghana Limited
13. Stanbic Bank Ghana Limited
14. Standard Chartered Bank Ghana
15. United Bank for Africa Ghana Limited (UBA)
16. Zenith Bank Ghana Limited Not recapitalised but being supported
17. ADB Bank
18. National Investment Bank (NIB)
19. Prudential Bank
20. Universal Merchant Bank Limited (UMB)
21. Heritage Bank Limited
22. OmniBank Limited
23. Energy Commercial Bank Ghana Limited and First Atlantic Bank Limited
24. OmniBank and Sahel Sahara Bank
First National Bank Ghana Limited (FNB) takes over GHL Bank
Bank of Baroda (customers absorbed seamlessly by Stanbic Bank Ghana Limited) Not recapitalised but no credible news yet 25. Bank of Africa Ghana (BoA) Limited 26. GN Bank Limited 27. Premium Bank Limited