Disregard panic messages, not all rural banks will be shut down – BoG

The Bank of Ghana has asked customers of rural banks to disregard social media messages asking them to withdraw their funds due to an impending cleanup.

In a statement, the Central Bank said the messages are malicious.

“The attention of the Bank of Ghana has been drawn to messages circulating on social media platforms such as whatsapp and Facebook that an intended clean up of rural and community bank sub-sector by the Bank of Ghana would negatively affect depositors funds with the RCBs urging them to move their funds to other institutions.

“For the avoidance of doubt, the intended clean-up exercise is only directed at insolvent and illiquid financial institutions which are not able to meet depositors withdrawals. The exercise is to enable depositors to have access to their funds. The Bank of Ghana will want to encourage the general public and customers to continue to do business with RCBs that are solvent, liquid and strong,” the statement read.