The Bank of Ghana (BoG) has recently called upon all the rural banks to strictly meet the latest capital requirement by the second month of the next year. The same notification is also issued for the microfinance agencies and if they won’t meet the requirement, they would be sustained without any further notice.
Central Bank released the official statement in order to highlight the requirements. It also called upon the members of the rural banks and microfinance agencies to get the necessary guidance from the directive and start acting on it as soon as possible. The statement is attached below without any editing.
“Further to BoG Notice No. BG/GOV/SEC/2015/08 dated 3rd July, 2015, which announced the revision of minimum capital for Rural/Community Banks and Microfinance Institutions to One Million Ghana Cedis (GH?1,000,000) to be complied with by 31st December, 2017, and Two Million Ghana Cedis (GH?2,000,000) to be complied with by 30th June, 2018, respectively, the Bank directs all institutions to meet their respective minimum capital by 28th February, 2020.
“Pursuant to Section 28(1) of the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930) and Section 11 of the Non-Bank Financial Institutions Act, 2008 (Act 774), Rural/Community Banks and Microfinance Institutions which fail to comply with their respective minimum capital by the above date shall be sanctioned.
“Shareholders, Directors, Operators of Rural/Community Banks and Microfinance Institutions are to take note of the above and be guided.”
Stay tuned for the latest business highlights.
Copyright © 2019 Ghanalive.TV. All Rights Reserved.