Financial Analyst, Toma Imihere, has countered the Bank of Ghana‘s (BoG) assertion that the clean-up of the banking sector has been completed.
On The Big Issue on Saturday, Mr. Imihere said there are still some major institutions unable to meet the minimum capital requirement and that claims the sector has been sanitised are “totally untrue”.
“Five of the biggest financial intermediation companies in this country have been operating for the past eight months with capital well below the minimum capital for which some other banks have been closed down. And if those banks are still operating with far less than the minimum capital, how can we say we have completed the restructuring of the financial sector?”
“In other words, what the Bank of Ghana said was that [the undercapitalised banks] are no longer an issue. So what? Those banks are going to continue to operate with less than [the] minimum capital.”
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