Display options Mobile website

Business News of Friday, 1 February 2013

Source: radioxyzonline.com

BoG unaware of military's intention to run a bank

The Bank of Ghana has not received any application from the Ghana Armed Forces to establish a bank, XYZ BUSINESS can confirm.

Media reports had suggested that the military intends establishing a bank.

Usually, the Central Bank scrutinizes an application for a license before granting a provisional license.

But XYZ BUSINESS sources at the Central Bank say no law will be flouted if a banking license is granted to the military.

Critics say since the military's primary responsibility is to defend the nation, it has no business owning a bank.

One of Bank of Ghana’s mandate is to grant banking licenses to commercial, merchant and universal banks as well as savings and loans and microfinance institutions.

Comments are temporarily not available.