The Bank of Ghana has downgraded Dr Papa Kwesi Nduom’s GN bank to a savings and loans company effective January 2019

The decision of the Bank of Ghana comes after GN Bank was unable to meet the Bank of Ghana’s minimum capital of GHS400 million by December 31, 2018, and not also offer a satisfactory proof of meeting the capital requirement.

The bank of Ghana has also revoked the licenses of Heritage and Premium banks and has approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to take over the liabilities and selected assets of the now defunct banks.

Governor of the Bank of Ghana, Dr Ernest Addison made the announcement on Friday, January 4, 2018.

According to the Governor said Premium bank was found t be insolvent and had a capital adequacy ratio of “-125.2%.”

With regards to Heritage bank the Governor said it “obtained its license with questionable sources of capital adding that both banks have not also been able “to meet the minimum capital requirement.”

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