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Ghana's CalBank denies it received extension on deadline to raise capital

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Ghana's CalBank denies it received extension on deadline to raise capital

CalBank Ltd. denied claims that it was granted a special extension by the Bank of Ghana to meet the new 400 million Ghanaian cedis minimum capital requirement, Joy Business reported Nov. 8.

CalBank's head of investor relations, Dzifa Amegashie, said the bank has put in place plans to meet the requirement by the December deadline.

Ghana's central bank told lenders in 2017 that they would have until the end of 2018 to raise their capital to 400 million cedis from 120 million cedis. The order came after an asset quality review found some banks had inadequate capital, high levels of nonperforming loans and weak corporate governance.

As of Nov. 8, US$1 was equivalent to 4.88 Ghanaian cedis.