President Nana Addo Dankwa Akufo-Addo, has said his government has begun prosecuting individuals believed to be responsible for the banking crisis.
“We have begun prosecuting those responsible for the banking crisis; we have one of the cases in court. The perpetrators of the crisis, both the regulators and individuals will face justice soon,” President Akufo-Addo assured.
The President also defended the need for the financial reforms embarked on by his government, saying the exercise has both sanitized and saved the banking sector as well as ensured the creation of a strong set of indigenous banks.
“We had to take painful but necessary steps to sanitize and save the financial sector, in effect Ghs 12.58 billion of public funds was injected into nine banks and microfinance companies following their collapse.
Some 6,500 jobs was saved instead of the 10,000 that could have been lost,” he said.
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“In addition, we have protected the funds of 4.6 million depositors, and also ensured the creation of a strong set of indigenous banks. The Central bank’s latest banking report in October 2019 reveals that banks made a total profit of Ghs 2.9 billion representing 45 percent increase due to the reforms initiated by the Central Bank,” President Akufo-Addo added.
The financial sector clean-up embarked on by the Central Bank, saw the revocation of some 9 universal banks, 347 microfinance companies and 28 savings and loans companies.