Nduom’s GN bank downgraded to Savings and Loans company

Papa Kwesi Ndoum’s GN bank has been downgraded to a savings and loand company by the bank of Ghana after it failed to meet the new GHC400 million minimum capital requirement.

Also, the universal banking licenses of Heritage and Premium banks have been withdrawn by the Central bank and have been merged with the Consolidated bank of Ghana (CBG) by the banking regulator Bank of Ghana.

According to the Central Bank 23 banks were able to recapitalize after the December 31 deadline. Out of the number there were three mergers; they are Energy Bank and First Atlantic  OmniBank and Sahel Sahara, FNB and Ghana Home Loan Bank.

The Governor of the Central Bank Ernest Addison also announced at a news conference currently ongoing in Accra that some 5 banks are going to benefit from a GHC2 billion bailout from Ghana Amalgamated limited. These banks are Universal Merchant Bank, Abd, NIB, Prudential and the Merged OmniBank and Sahel Sahara Bank.