Commercial banks in the country will soon be required to increase their capital in line with risks undertaken.  

They are currently required to have È»60 million to aid their operations. However, new entrants are required to pay È»120 million.

According to the Central Bank, the move has become necessary because of current developments in the country. 

Speaking to Joy Business after the release of the 2015 Ghana Banking Survey results, Head of Banking Supervision at the BoG, Franklin Belnye says they are currently engaging the players on the possible implementation date.

Mr Belnye also added that the Bank is optimistic the new banking laws being put together will improve regulations and Supervision.

The new banking regulation which is currently before parliament awaiting approval, will among other things include new measures to protect depositors’ funds, and enhance the Bank of Ghana’s independence.

Some players in the banking industry have welcome the Bank of Ghana’s decision to increase the minimum capital requirement.

Managing Director of Stanbic Bank, Alhassan Andani said it is a more sensible approach to encourage banks to put in capital to march the extent of risk they want to take in the economy.

In a related development, ECOBANK has once again emerged as the biggest bank in the country in terms of assets and deposits.

That’s according to the 2015 Price Water House Coopers Banking Survey Results.

The results revealed that record performance in asset growth helped ECOBANK to retain its position.

Indian bank, Baroda also came on top as the most profitable bank for the year 2014.