The package was hurriedly put together this month for the six, which are seen as well-governed, solvent but unable to meet the BoG's GH?400 million new minimum capital for banks on their own, multiple sources familiar with the arrangement have told Graphic Online.

It is now seen as the only glimpse of hope for the six banks, who risk having their licences withdrawn or at best downgraded to savings and loans companies for failing to successfully recapitalise since September 2017 when the directive was issued. 

One source told Graphic Online that the GH?2 billion is to be sourced by a special purpose vehicle (SPV), the Ghana Amalgamated Trust Limited (GAT), which the government incorporated on December 17 to execute the transaction.

The SPV is to mobilise the funds through the issuance of a bond that will be sold to both domestic and foreign investors, one of the sources involved in the structuring of the last-minute bailout package also told Graphic Online.

It added that the bond will be partially guaranteed by the government to make it "sweeter and comfortable" to investors to participate.

Although the modalities of the deal are still being fine-tuned, Graphic Online is further informed that the central bank has since given its blessing to the arrangement, making it possible for the beneficiary banks to be classified as recapitalised.

Another source said it foresaw the number of beneficiary banks increasing to about eight as more indigenous banks come forward for the support.