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Business News of Wednesday, 30 August 2017


UT, Capital banks still on BoG’s banking list

It is emerging that the Bank of Ghana (BoG) is yet to update its list of banks even weeks after it allowed GCB to purchase some assets and liabilities of UT and Capital banks.

A visit to the BoG’s website has shown that the two collapsed banks are still on the list of commercial banks in Ghana whose Bank Identifier Code (BICs) have been displayed.

The BIC is among others essential for identification and other banking transactions.

The data also shows that the codes are displayed for thirty-one (31) commercial banks and three (3) other non-bank financial institutions.

It is unclear why the data has still not been updated by the central bank.

But since the BIC code is used by commercial banks to send money overseas, some industry watchers believe it may be prudent for the Bank of Ghana to correct the data if necessary or give explanation as to why the said banks are still displayed even after their collapse have been officially announced.

The Bank of Ghana on Monday, August 14, 2017 granted permission to GCB to assume the deposit liabilities and assets of UT and Capital banks.

The move followed what the central bank believes forms part of measures to consolidate Ghana’s financial sector and protect the interest of depositors. As part of the process, the websites of the two collapsed banks have since been directed to the Bank of Ghana.