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The Bank of Africa (BoA) Ghana Limited says it is “almost” done with the processes needed to meet Bank of Ghana’s GHȻ400 million requirement.

In a statement responding to reports on the status of the bank’s recapitalisation, Bank of Africa, Ghana said it expects to complete the recapitalisation process and receive full approval from the Bank of Ghana on January 7 despite the fact that the Bank of Ghana’s recapitalisation directive, which raised the minimum paid up capital of banks from GHȻ120 million to GHȻ400 million, ended on December 31, 2018.

Ahead of the much-awaited announcement from Bank of Ghana on the banks that have met the GHȻ400 million requirement, the government has announced a GHS2 billion bailout package for some six indigenous banks to enable them to meet the Bank of Ghana’s GH₵400 million minimum capital requirement.

Sources say the GHS2 billion bailout package was hurriedly put together for the six banks, which are seen as well-governed, solvent but unable to meet the BoG’s GHS400 million new minimum capital on their own.

Check the list of banks that have so far met BoG’s GHȻ400 million requirement

Below is the statement from Bank of Africa

Dear Cherished Customer,

Our attention has been drawn to a news item circulating on various social media platforms on the new minimum capital requirement.

The said news item suggests that BANK OF AFRICA Ghana Limited has no credible “news” on its capitalization plans. This information is incorrect.

BANK OF AFRICA Ghana Limited has almost completed the processes for its full capitalization and expects to complete the process and receive full capitalization by January 7, 2019.

The capitalization processes of BANK OF AFRICA Ghana Limited has been fully communicated to the Bank of Ghana.

We assure you of the soundness of BOA-GHANA and look ahead to a more exciting and fruitful relationship in 2019.

Managing Director