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Bank of Ghana extends capital requirements deadline

The Bank of Ghana extended the deadline for rural and community banks and microfinance firms to meet new minimum capital requirements to Feb. 28, 2020.

In 2015, the central bank required the firms to meet a minimum capital requirement of 1 million cedis by the end of 2017 and 2 million cedis by June 30, 2018, warning that companies that fail to comply will face sanctions.

Meanwhile, Yaw Gyamfi, executive director of the Association of Ghana Microfinance Institution Network, said some member companies would struggle to meet the new deadline for the requirements, Joy Online reported. Some of the members have yet to meet the capital by the initial June-end deadline.

The group is thus considering setting up a fund to assist its members, Gyamfi added.

As of Aug. 20, US$1 was equivalent to 5.36 Ghanaian cedis.