Government has announced the establishment of a National Bank.
This was contained in the budget statement presented to Parliament today [Wednesday] by Finance Minister Ken Ofori-Atta.
According to him, the National Bank will have the capacity to mobilize private capital towards agricultural and industrial transformation.
“A strong and efficient financial sector is fundamental to realizing Ghana Beyond Aid. This requires innovative and long term financing instruments to support economic development for higher productivity, jobs and inclusive growth,” he said.
The Minister further indicated that, the 2017 Budget Statement to address the challenges in the financial sector to enable strong private sector credit growth. In this regard, the Bank of Ghana addressed the challenge that UT Bank and Capital Bank posed to the entire banking system by agreeing to a Purchase and Assumption Agreement by GCB Bank.
He added: ‘’This intervention was made with clear policy intent to protect the deposit public and prevent any contagion effect on the entire industry. The government is proud to announce that despite the failure of these two banks in 2017, the confidence and trust in the financial sector remain strong. 773. The Bank of Ghana increased the minimum capital requirement of universal banks from GH¢120m to GH¢400m, and all such banks have up to December 2018 to meet the minimum capital requirements. This was done to ensure that these banks have more capacity to lend to businesses, especially within the purview of their single obligatory limits which the Bank of Ghana must enforce strictly.’’