The Bank of Ghana (BoG) has directed banks and Specialised Deposit-Taking Institutions (SDIs) within the nation to stop declaring or paying dividends to shareholders till further notice.
The Central Bank says that is to make sure that banks and SDIs are better able to support their clients all through the COVID-19 pandemic and to absorb any potential operational losses for banks and SDIs from the COVID-19 pandemic.
A press release signed by the BoG’s secretary, Sandra Thompson stated: “In furtherance of the above, and to ensure that banks and SDIs are better able to support their customers throughout the COVID-19 pandemic, to absorb any potential operational losses for banks and SDIs from the COVID-19 pandemic, the Bank of Ghana now directs that all banks and SDIs desist from declaring and/or paying any dividends or distributing reserves to shareholders, and from making any irrevocable commitments regarding the declaration or payment of dividends to shareholders, until further notice.”
In the meantime, the BoG has assured banks and SDIs that it might proceed to monitor the influence of the coronavirus on the financial sector.
BoG Notice Suspension of Di… by Kweku Zurek on Scribd