Gov’t to announce GH₵2bn bailout package for six banks

The government is expected to announce a GH₵2billion bailout package for some six indigenous banks to enable them to meet the Bank of Ghana(BoG) deadline on recapitalization, which expires today, December 31,2018.

The package was hurriedly put together this month for the six banks, which in spite of exhibiting good corporate governance are unable to meet the GH₵400m new minimum capital, B&FT has learnt.

Sources also indicate that a Special Purpose Vehicle that has already been set up, will execute the deal.

It will mobilise funds through the issuance of a bond that will be sold to both domestic and foreign investors.

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