Deposits Are Safe – BoG to Sovereign Bank Customers

The Bank of Ghana has assured customers of Sovereign Bank that their deposits are safe following the appointment of an Advisor to oversee the operations of the bank.

“Sovereign Bank remains open for business under the control of the bank’s own management, and that customers’ deposits are safe”  a statement from the BoG said

According to the Central Bank, the decision became necessary due to the bank’s governance and capital challenges.

The appointment of the Advisor is also to curtail a relapsing into other phases that would require stringent remedial measures, officials say.

Meanwhile, the directive comes on the heels of the completion of an on-site examination of the bank in December last year,BoG said.

At the time of the intervention of UNIBANK in March this year, there were reports that two banks had been placed under the watchful eye of the Central Bank.

Sources suggest the second bank was Sovereign Bank.

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