The banks that have been merged are The Royal Bank, The BIEGE Bank, Sovereign Bank, Construction Bank and uniBank.
A Financial Analyst, Toma Imihere has said some of the collapsed banks were only established for political purposes.
He said political parties needs finance and has the ability to influence the giving of the licenses to the banks.
His comments come at the back of the Bank of Ghana creating the Consolidated Bank Gh. Ltd to take over some struggling banks in the country.
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The banks that have been merged are The Royal Bank, The BIEGE Bank, Sovereign Bank, Construction Bank and uniBank.
The government has made GH¢450m available for the Consolidated Bank as starting capital.
According to the BoG, The BEIGE, Sovereign and the Construction banks obtained their banking licences under false pretences through the use of suspicious and non-existent capital, whereas the Royal Bank had non-performing loans which constitute 78.9 per cent and uniBank had a capital deficit of GH¢7.4 billion compared to the regulatory minimum of GH¢400 million.
Toma Imihere in an interview on Accra-based Citi FM said "These banks were given license as political patronage. It was just political patronage."
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He added: "The thing is very simple. A party needs finance and has the ability to influence the giving of the licenses. So what do you do? You give the licenses in exchange for promises to get funding along the line."