New Minimum Paid Up Capital Notice, 2017 🇬🇭

Ghana

Notice bg-gov-sec-2017-19

New Minimum Paid Up Capital Notice, 2017

Commenced on 11 September 2017
[This is the version of this document from 11 September 2017.]

The Bank of Ghana announces a new minimum capital requirement, as part of a holistic financial sector reform plan to further develop, strengthen, and modernize the financial sector to support the government’s economic vision and transformational agenda.As a first step, the Bank revoked the licenses of two insolvent banks to ring-fence a potential spillover threat to the rest of the financial sector and also to prepare the grounds for other reforms. At the same time, the Bank of Ghana has agreed with identified banks, a roadmap for recapitalization in accordance with the capital restoration plans stipulated by the Bank and Specialised Deposit Institutions Act, 2016 (Act 930).Looking ahead, banks would require a more sophisticated and robust capital framework, adequate to transform the banking sector and consistent with the growing …

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