The Central Bank of Ghana has demoted Dr. Papa Kwai Nduom’s GN Bank to a savings and loans bank today 4th January 2019.
This decision was reached after the Central Bank of Ghana finished banking resolution requiring each commercial bank operating in the country to have a minimum capital of 400 million cedis.
The Central bank explained that GN Bank could not reach the required 400 million cedis minimum capital. The deadline to meet the requirements was December 2018.
Meanwhile, the Bank of Ghana has published the names of the banks which were able to meet the requirement and most of the foreign-owned banks made it.