A new bank, the Consolidated Bank Gh. Ltd will be taking over some struggling banks in the country,the BoG has announced.

At least five local banks are said to have run into liquidity challenges and have been forced to come under a new merger to be managed by the state.

They include Sovereign Bank, Royal Bank, Beige Capital, Construction Bank and Unibank.

At a press conference in Accra, the Governor of the Bank of Ghana, Ernest Addison said the new merger will see an injection of about 450m cedis for the operation of the Consolidated Bank by the government as starting capital which will have Daniel Addo as its CEO.

Meanwhile, Sovereign Bank, according to BoG obtained their license under false pretence, and liable for criminal charges.

The governor assured clients of the affected banks their deposits are safe.

“We do not expect any immediate job losses” he added.