The Governor of the Bank of Ghana, Dr. Ernest Addison, has called on the government to take decisive action against shareholders of banks and financial institutions implicated in the financial sector clean-up.
Dr. Addison emphasized the importance of accountability, stressing that these individuals must be held responsible for their actions and omissions.
He expressed concern over the government’s slow progress in addressing this issue and urged for more prompt and resolute measures.
Speaking at a joint press conference with the Ministry of Finance and the International Monetary Fund (IMF) on Monday, July 1, Dr Addison highlighted the need to pursue those who still retain funds that were intended for the financial sector clean-up.
“It is taking a really long time to really bring all of these matters to a close. However, it is important that the state needs to persevere and pursue these shareholders who have misappropriated depositors’ funds,” he stated.
“The large amounts of monies that we claim were used to clean up the financial sector, some of these monies are being held in assets by the shareholders and I think that the law needs to be allowed to do its work,” he added.
The Bank of Ghana initiated a comprehensive banking sector clean-up, recapitalization, and various regulatory reforms from mid-2017 to the end of December 2018.
These efforts were in line with its mandate to enhance the safety, soundness, and stability of the financial system, thereby supporting economic growth.
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