February 21, 2024

Central Bank of Ghana will merge five struggling banks into a new bank, Consolidated Bank Ghana, Governor Ernest Addison announced on 1 August .

Addison accused shareholders and senior managers of various banks of unusual and potentially illegal conduct.

He said three of the banks had obtained their licenses through “false representations”. Addison added that shareholders and “related parties” had moved huge sums of money from two other banks.

central bank