Breaking: BoG collapses 5 banks into Consolidated Bank Ghana Ltd

The Bank of Ghana has collapsed five banks into one bank, Consolidated Bank of Ghana Limited.

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

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

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

At a press conference, the Governor of the Centre Bank has stated 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.

…more to follow soon