Business

BoG downgrades GN Bank to Savings and Loans Company

The Bank of Ghana (BoG) has lowered Paa Kwesi Nduom’s GN Bank in status, to a Savings and Loans company.

The central bank through its governor Dr Ernest Addison announced this on Friday, January 4, 2019.

READ ALSO: Bank of Ghana revokes License of Premium Bank and Heritage Bank

According to the governor, GN Bank failed to meet the recapitalization deadline of banks in Ghana, which was set for 31st December 2018.

Like Heritage Bank and Premium Bank, GN Bank was struggling to meet the requirement.

It has faced liquidity issues in recent times which has rendered it unable to meet the withdrawal demands of its customers.

This brings the number of banks operating in Ghana now to 23, from the 34 that were previously operating.

Source: PlugTimes.com

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