Finance

Ghana: Société Générale meets the minimum capital requirement

Ghana: Société Générale meets the minimum capital requirement
Friday, 21 December 2018 15:05

At about two weeks to the deadline, the Ghanaian subsidiary of the French banking group Société Générale announced that it has reached the minimum capital requirement of GH₵400 million (about $82 million) required by the central bank.

Société Générale Ghana explained that its shareholders authorised the increase of its capital by adding GH₵97 million from the bank’s revenues to the equity.

Late 2017, Central Bank of Ghana issued a requirement according to which the minimum capital requirement for banks should be GH₵400 million by December 31, 2018, in order to consolidate those banks' equity and improve their capacities to fund the economy.

In May 2018, ten Ghanaian banks owned by local investors announced that they could not meet the minimum capital requirement by the stated deadline. Those banks among which there were Prudential Bank, Royal Bank and Unibank sent a petition to the Ghanaian president Nana Akufo-Addo to ask him to invite the Central bank to extend the deadline by four years to let them raise their equity from GH₵120 million to GH₵400 million.  

Meanwhile, subsidiaries of foreign groups operating in the country have announced that they were ready to meet the new requirement by the specified deadline.

On the same topic
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 million in transactions by end-2025. The fintech...
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
Most Read
01

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
02

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
05

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.