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The Bank of Ghana has confirmed to Citi Business News, it is only processing a savings and loans license for the Ghana Armed Forces and not a license to run a bank.

This follows earlier reports that the military was considering running a bank to be cited in Burma Camp to serve the military officers and their civilian counterparts.

The Former Director of Public Relations of the Ghana Armed Forces Col Mbawine Atintande last two years confirmed the report and called for public support.

Following the announcement questions were raised about whether the army had the backing of the constitution to venture into such commercial activity.

Renowned lawyer, Moses Foh Amoaning during the period threatened to drag the Bank of Ghana and the Ghana Armed Forces to the Supreme Court if the army was granted full banking license.

It’s unclear whether he will still go ahead with suit but the Governor of the Central bank Dr. Kofi Wampah says they are currently assessing a proposal for a savings and loans license from the military.

Meanwhile the Ghana Armed Forces is yet to respond to the issue when contacted by Citi Business News.

Source: citifm

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