Business News of Monday, 20 January 2020Source: Dailyguidenetwork.com‘We gave banks more room to restructure’ - BoGBank of Ghana Governor, Ernest AddisonCentral Bank Governor, Dr. Ernest Addison has explained how most local banks whose licences were revoked were given ample time to right their wrongs but their managements could simply not do so. In addition, the other undercapitalized banks were tasked to submit recapitalization plans and work to implement same,” he added. We were not required to do so under the law, as the two banks were already classified as insolvent by the technical assessment carried out by BoG prior to the start of my administration. “Moreover, the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930) required us to revoke a banking licence once an institution reached the stage of insolvency. “Also, there was active litigation against the bank (valued at over GH¢170 million), and the bank had excessive risk concentration to a few major depositors.

Source: GhanaWeb January 20, 2020 13:52 UTC