BOG allays fears of Heritage and Premium bank clients

The Bank of Ghana (BoG) has allayed the fears of customers of Premium Bank and Heritage Bank that their deposits are safe and fully accessible.

The licences of the two banks have been revoked by the apex bank.

At a press conference on Friday, 4 January 2018, Governor of the Bank of Ghana (BoG), Dr Ernest Addison, stressed that: “All deposits of the two banks are safe and customers will continue to have full access to their funds”.

The BoG has also approved a Purchase and Assumption Agreement between the Receiver of the two banks and Consolidated Bank Ghana Limited (CBG) under which the Receiver has transferred some assets and liabilities of the two banks to CBG.

“All deposits (current, savings and fixed deposit accounts) of the two banks have been transferred to CBG with effect from the date of this notice,” the statement noted.

Consequently, the government of Ghana has also “issued a bond in the face of GHS 1.403 billion to CBG to cover the gap between the value of the good assets and liabilities of the two banks transferred to CBG”.