Daniel Nonor
10 November 2009
The Standard Chartered Bank Ghana has joined a host of other banks vigorously preparing to beat the December deadline given by the Bank of Ghana, for banks to recapitalise in the country.
In November 2007, the Central Bank announced a new capital requirement for all universal banks, from an initial GH¢7 million to GH¢60 million by the end of 2009, and 2010 for local banks.
Stanchart is expected to announce today, the commencement of a rights issue to existing shareholders to raise some GH¢48 million.
Only shareholders existing as at the close of day of 14th November 2009 could take part in the rights issue.
Banks such as SG SSB, Ecobank, and Intercontinental Bank have in recent weeks either embarked on rights issues, or private placements to raise funds to meet the Bank of Ghana's stated capital requirement.
Access Bank (Ghana), a new entrant into the Ghanaian banking sector, in June this year, is one of the most capitalised banks in the country, having commenced operations with a stated capital base of GH¢80 million, well in excess of the Bank of Ghana's stipulated minimum capital requirement of GH¢60 million for universal banks.
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