The Bank of Ghana (BoG) has revoked the licences of five banks and granted a universal banking licence to Consolidated Bank Ghana Limited, established by the Government.
The five banks include: uniBank Ghana Limited, The Royal Bank Limited, Beige Bank Limited, Sovereign Bank Limited, and Construction Bank Limited.
The affected banks had their licences revoked after an Asset Quality Review revealed the banks as vulnerable with inadequate capital, high level of non-performing loans and weak corporate governance.
The BoG has appointed Mr. Nii Amanor Dodoo of KPMG as the Receiver for the five banks.
According to the statement released by the bank, all deposits of the five banks are safe and have been transferred to the Consolidated Bank.
The Bank of Ghana has indicated that customers can carry out their business as usual at their respective banks which will now become branches of the Consolidated Bank.
According to the statement, all staff of the affected banks will become staff of the Consolidated Bank.
However, Boards of Directors and shareholders of the five affected banks no longer have any roles in their respective banks.