General News of Saturday, 29 September 2018Source: classfmonline.comCollapsed banks: BoG action difficult but necessary – Akufo-AddoPresident Nana Addo Dankwa Akufo-AddoPresident Nana Akufo-Addo has indicated that the action of the Bank of Ghana (BoG) to merge some struggling local banks is justified. According to him, the “indigenous banks fell foul of the regulations of the Bank of Ghana. The seven banks went bust within a space of one year – from August 2017 to August 2018. They include UT Bank, Capital Bank, uniBank, Sovereign Bank, The Royal Bank, The Beige Bank and The Construction Bank. UT Bank and Capital Bank were taken over by GCB Bank while the last five were put together by the BoG to form the all-new Consolidate Bank Ghana Limited (CBG).

Source: GhanaWeb September 29, 2018 14:03 UTC