Bank of Ghana orders banks, SDIs to stop paying dividend to customers

The Bank of Ghana has directed banks and Specialised Deposit-Taking Institutions (SDIs) to stop paying dividends to its customers until further notice.

According to BoG, this is to ensure banks and the financial institutions are in good shape to assist customers throughout the Coronavirus pandemic.

In a statement, BoG said:

“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.”