Ghana’s Central Bank Takes Over Two Distressed Banks

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Bank of Ghana (BoG), the country’s central bank, has taken over two distressed Banks in Ghana after revoking their licenses.

Customers of UT bank and Capital bank were thrown into chaos this week when the apex bank confirmed that both banks have had their licenses revoked.

“This action has become necessary due to severe impairment of their capital.” The BoG stressed that the move was “to strengthen Ghana’s banking sector, ensure financial stability and protect depositors’ funds,” read a statement from BoG.

Customers have been urged to remain calm as the running of both Banks has now been handed over to Ghana Commercial Bank (GCB).

“The main offices and branches of UT Bank and Capital Bank will be under control of GCB and will be opened at 1pm today (Monday) for normal business transactions. Customers of UT Bank and Capital Bank are now customers of GCB.

“The Bank of Ghana assures the public that all customers can continue normal banking business at all UT Bank and Capital Bank facilities which are now branches of GCB.”

 

 

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