Six banks to get 2 billion cedis bailout package from Government

Government is to announce a two billion cedi bailout package for some six indigenous banks.
The package was hurriedly put together this month for the six, which are seen as well-governed, solvent but unable to meet the BoG 400 million cedi new minimum capital for banks on their own.
The move seen as the only glimpse of hope for the six banks, who risk having their licenses withdrawn or at best downgraded to savings and loans companies for failing to successfully recapitalize since September 2017.
In line with this Stanbic Bank Ghana Limited has absorbed customers of Indian-state lender, Bank of Baroda under an arrangement that comes at no cost to Stanbic.
A financial Analyst Dr Ebenezer Ashley told Abraham Donkor in an interview that the move by the Bank of Ghana is a step in the right direction in creating a healthy banking sector in Ghana.
He said that the bailout by the Bank of Ghana is not a new phenomenon, adding that the 2 billion cedi package is enough for the six banks.