GN Bank downgraded, now Savings and Loans

The Bank of Ghana revoked the banking license of GN Bank after it finished what it describes as the banking resolution.

The new policy requires each commercial bank operating in the country to have a minimum capital of 400 Million Ghana Cedis which GN isn’t having.

This will come as a very big blow to the business man and will be of great lose on the side of their customers.

GN Bank owned by Dr. Papa Kwesi Ndoum has as result applied for and the Bank of Ghana has approved to the grant of a Savings and Loans company license.

BoG Governor, Dr. Ernest Addison has revealed that only 16 banks namely;

Ecobank, Zenith, GCB, Standard Chartered, Stanbic, Fidelity, UBA, Barclays, Access, Consolidated, CAL, FNB, Republic, Societ General, GT bank and Bank of Africa have so far met the minimum capital requirement as at December 31st.