Ghana’s Central Bank on Saturday disclosed the revocation of the operating licences of two more banks, Premium Bank and Heritage Bank. Announcing the decision, Ernest Addison, Governor of Bank of Ghana, said the two years long banking sector cleanup had come to an end, leaving 23 universal banks out of an initial 35. While Premium Bank had continually breached the capital adequacy ratio requirements since December 2017 making it insolvent. Assets of the two banks have therefore been awarded to the newly-established Consolidated Bank of Ghana. While assets of two of those banks were awarded to the Ghana Commercial Bank, seven have been consolidated under the CBG.

Source: Punch January 05, 2019 14:37 UTC