Yet another Ghanaian bank has come under the axe of the Bank of Ghana, this time Heritage Bank being the institution in the crosshairs.
The central bank has decided to revoke the licence of the bank, Graphic.com.gh reports.
The decision has been taken and is set to be announced soon, according to the report, and whilst the official reason has yet to be given it is believed the BOG would claim it is because it cannot authenticate the source of Heritage Bank’s funding.
The revokation of licence would put the bank in the same soup as other shut down banks – it’s assets and liabilities taken over by the Consolidated Bank of Ghana (CBG).
The CBG was set up by the Central Bank last year to take over numerous banks whose licences were also revoked, all due to varying circumstances.
The Bank of Ghana is expected to soon announce the decision and give a formal explanation for their latest action.