There could be two new banks joining the banking industry soon, Banking Consultant, Nana Otuo Acheampong has revealed.
This is coming after completion of the banking sector clean-up, almost two years ago.
Though he did not mention names, he tells Joy Business the banks are presently working around the clock to secure banking license from the Bank of Ghana.
“As we speak, we know that one or two banks are in the offing, trying to secure license to operate. I’m sure that the regulator will not bar them as long as they meet the regulatory conditions.”
“Because of the resilience, that we have in the market, the increasing profitability, the good sovereignty that we have, it becomes [banking industry] very attractive for others to join and they're most welcome”, Nana Otuo Acheampong said.
As to when they will be given the banking license to start banking business, the Banking Consultant said as far as they meet the banking regulatory requirement, they’ll be given the Tier 1 License to operate.
The requirement, he, said: “it ranges from 6 months to a year, one and half year, depending on how prepared the applicants are because the regulator has set a condition on its website. So if you meet those conditions and the application is efficiently submitted, then you can efficiently get the license.”
There are presently 23 banks operating in the Ghanaian banking industry after a clean-up of the industry.
Banks profit in 8-months grows by 27.4% to ¢3.17bn in August 2021
Profitability performance of the banking sector remained robust in August 2021 as the 23 banks operating in Ghana registered growth rate of 27.4%, higher than the 19.2% recorded a year ago.
According to the September 2021 Banking Sector Development Report, the banks registered ¢3.17 billion profit in August 2021, compared with ¢2.72 billion during the same period last year. This signaled recovery in the Ghanaian economy.
The report said the higher growth outturns for key income lines of banks relative to the same period last year, contributed to the strong profit performance during the review period.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
How decline of Indian vultures led to 500,000 human deaths
4 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
5 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
5 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
6 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
7 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
8 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
8 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours -
Pro-NPP group launched to help ‘Break the 8’
8 hours