The Central Bank has refused playing any personal role in the selection of five banks for recapitalization under the Ghana Amalgamated Trust (GAT) which is an arrangement of private pension funds to inject GH¢2 billion into supporting solvent and well-run local banks, which were having difficulties meeting the new minimum capital requirement of GH¢400 million.

The involved banks are the merged Omni/Sahel Sahara Bank, Universal Merchant Bank, Prudential Bank, ADB and NIB. There are now 23 universal banks operating in Ghana and these banks met the new minimum paid-up capital of GHC400 million.

Following announcement on January 4, 2018, the Central Bank came under heavy allegations for excluding some local banks from gaining under the scheme.
But Governor of the Central Bank, Dr Ernest Addison says they had no direct role in the selection process.

STORY BY: NANA AKUA FREMAH/ BUSINESS DESK

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