The Bank of Ghana has announced the merging of five different struggling banks in the country.

The banks are now going to be taken over by Consolidated Bank Gh Ltd, which is a new bank in the country.

The banks that have been merged under the Consolidated Bank include The Royal Bank, Unibank, Sovereign Bank, Beige Capital and Construction Bank.

Speaking at a Press Conference held in Accra, the Governor of the Central Banl, Ernest Addison the idea of merging the banks will help raise an amount of GhC 450 million to aid the Consolidated Bank operate.

The Consolidated Bank which was created by the government will use the money as a starting capital for its operations.

The appointed Chief Executive Officer (CEO) of the Consolidated Bank is Daniel Addo.