23 out of 34 universal banks in Ghana have successfully met a $83 million (400 million cedis) minimum capital requirement deadline.
All banks in Ghana were given December 31, 2018 deadline to secure adequate operational capital or get their licenses revoked.
The financial challenges confronting the financial sector in Ghana led to the collapse of five banks in 2018.
Ghana formed a new indigenous bank called the Consolidated Bank after merging the five local banks. The banks were struggling to remain in business.
In 2017, two other local banks, Capital Bank and UT Bank had their licenses revoked over lack of funds.
On Friday Ghana’s central bank governor, Dr Ernest Addison told journalists that three new mergers have taken place.
First Atlantic Merchant Bank and Energy Bank have merged while Omni Bank and Sahel Sahara Bank have also merged. First National Bank and Ghana Home Loans Bank have also been merged according to Addison.
Two banks namely Heritage and Premium Bank have had their licenses revoked and merged with the Consolidated Bank of Ghana.
“We have spent two years in sanitizing the financial industry and we can now say we have a robust banking system in Ghana”, the Governor added.