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General News of Wednesday, 1 August 2018

Source: Graphic.com.gh

BoG collapses 5 banks into Consolidated Bank Ghana Ltd

The Bank of Ghana has collapsed five banks into a Consolidated Bank of Ghana Limited.

The banks are BEIGE, Sovereign, Construction, UniBank and Royal Bank.

It follows the insolvency of the four banks after investigations by Bank of Ghana.

The BoG Governor, Dr Ernest Addison announced this Wednesday afternoon.

Graphic Online's reporter, Maxwell Adombilla Akalaare, who was at the press conference reported that the Consolidated Bank Ghana Limited is expected to help the government in economic development.

The government has also issued a bond totaling GHc5.6 billion to cater for bad assets of the four banks.