Ghanas central bank, the Bank of Ghana (BoG) on Wednesday announced the creation of a new bank meant to serve customers of five stressed banks.
The affected banks were named as: Unibank, The Royal bank, Sovereign Bank, Beige Bank and Construction bank. Unibank has links with a former BoG governor and one time Minister of Finance.
The BoG declared the five banks insolvent and stated that all their assets and deposits have been transferred to a newly created bank called Consolidate Bank Ghana Limited.
The apex bank added that the new bank is to have to…
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