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The Bank of Ghana has reviewed upwards the minimum capital required for commercial banks to operate in the country to GHC120 million from the 60 million cedis it set previously.

There were earlier reports that the Bank of Ghana had increased the figure to GHC100 million cedis but it appears it rather settled on GHC120 million cedis.

The bank has also reviewed upwards new capital for other financial institutions.

Savings and Loans companies will now be required to have GHC15 million Cedis as their new minimum capital from the GHC7 million required earlier.

That of Rural and Community banks have also been increased to GHC300, 000 from GHC150, 000.