The Bank of Ghana has announced that all banks have submitted their recapitalisation plan.
This is ahead of the September 2023 deadline.
The Domestic Debt Exchange Programme (DDEP) has impacted negatively on the banking industry, eroding the capital of some banks.
According to the Governor of the Bank of Ghana, Dr. Ernest Addison, the recapitalisation programme will enhance the operations of the Ghana Financial Stability Fund.
The Ghana Association of Banks had described the BoG’s end-of-September timeline for banks to provide their recapitalisation plans as a prudent decision.
Its Chief Executive Officer, John Awuah, speaking exclusively to Joy Business said the directive was in the best interest of the banks to further aid in improving the banking sector.
According to him, this would also position the banks to support economic growth.
“We all heard from the Governor [Dr. Ernest Addison] just around the time we signed the debt exchange documentation that with the banks they had given us some reliefs on capital and when are we supposed to build up capital”.