The Bank of Ghana on Wednesday August 1, 2018, announced that it has consolidated five domestic banks into what it calls the Consolidated Bank Ghana Limited.
The five banks are uniBank, Royal Bank, Sovereign Bank, Beige Bank and the Construction Bank.
According to the Governor of the Bank of Ghana, Dr. Ernest Addison, some of the banks obtained their licenses through false means by presenting documents that painted a picture as though they could meet the new capital requirement.
Others also had liquidity challenges and were also not in good standing to meet the BoG’s recapitalized amount of Ghc400 million.
Below are the Chief Executive Officers and Managing Directors of the five banks that have been ‘merged’ by the central bank.
Mike Nyinaku is a professional accountant who prefers being referred to as a student of entrepreneurship.
He founded the BEIGE Group (TBG) in 2008 after a 10-year career as an accountant.
He also set up the BEIGE Foundation to promote youth and social development through some sponsored programs implemented across Ghana.
Before BEIGE, he was Chief Finance Officer of OICI-GH, a US-based NGO.