Bank of Ghana Governor Ernest Addison said the central bank is considering not granting new licenses to banks, savings and loans, or microfinance institutions in 2018, Citi Business News reported.
Existing commercial banks in the country must meet new minimum capital requirements of 400 million Ghanaian cedis by Dec. 31, 2018. Addison said the potential move by the central bank would be aimed at preventing inadequately capitalized lenders from entering the sector, according to the Dec. 18 report.
"This will help us to ensure solvency and stability in the banking sector at the end of the reform process," Addison reportedly said, adding that the Bank of Ghana will introduce a new licensing regime for the financial sector.
As of Dec. 18, US$1 was equivalent to 4.48 Ghanaian cedis.