Banks In Receivership

Background Information

Bank of Ghana (BoG) on 1 August 2018 revoked the banking licences of uniBank Ghana Limited (uniBank), The Royal Bank Limited (TRB), The Beige Bank Limited (Beige Bank), Sovereign Bank Limited (Sovereign Bank), and The Construction Bank Ghana Limited (TCB) and placed them in receivership in accordance with the Banks and Specialised Deposit-Taking Institutions (BSDI) Act, 2016 (Act 930). Further to the above, BoG appointed Nii Amanor Dodoo as the Receiver of the above mentioned banks in line with Section 123 of the BSDI Act 930 and approved the transfer of all validated deposits, selected assets and selected liabilities of the defunct banks to a newly formed bank, The Consolidated Bank Ghana Limited – CBG, through purchase and assumption agreements.

Circumstances leading to the revocation of the licences of the banks by Bank of Ghana
Bank Spread Analysis
Bank NameWithin AccraOutside AccraTotal Branches
Beige Bank632386
Royal Bank18927
Sovereign Bank404
Construction Bank101
Publication of Notice of Appointment of Receiver at each Branch of the Banks

As part of the intervention activities and in line with Section 125(2) of Act 930, the Receiver displayed notices at each branch of the five (5) banks in receivership. The notice disclosed the appointing authority of the Receiver, information indicating that the authority and functions of management of the respective banks ceased from 1 August 2018, which was also the effective date the Receiver assumed control of the banks.