President Nana Addo Dankwa Akufo-Addo says his government made the right decision to fold up some non-performing financial institutions in the quest to strengthen the banking sector.
“We made the right decision in bank collapse,” he told parliament during his fourth State of the Nation Address, Thursday, 20 February 2020.
According to the president, he was bequeathed with a “collapsing financial sector” – but his administration "managed to turn things around for the betterment" of the country.
President Akufo Addo vowed to ensure that "all those responsible" or whose actions in one way or the other led to the "collapse of the financial institutions" will be made to account for their actions; adding "that process has already started".
A total of 16 universal banks which once operated in the country were collapsed within two years as part of measures taken by the Bank of Ghana to cleanse the banking sector to make it more robust
The Bank of Ghana [BoG] in 2017 embarked on a comprehensive reform agenda to strengthen the regulatory and supervisory framework for a more resilient banking sector.
While some banks had their licenses revoked, others have been merged for their inability to raise the new 400 million-cedi minimum capital requirement as of December 31, 2018.
For other banks, the central bank revealed acquired their licenses fraudulently and through the use of non-existent capital
Source: King Edward Ambrose Washman Addo/Peacefmonline.com/Ghana
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Instead of creating jobs you are rather collapsing them and then turn around to lie, liar as a president ,only in Ghana
WHEN YOU TAKE MAJOR UNTHOUGHT THROUGH BAD DECISIONS AND THEY BACKFIRE, YOU BLAME MAHAMA. BUT WHEN YOU TAKE MINOR DECISIONS AND THE SEEM TO BE ON TRACK THE CALL PRESS CONFERENCES TO SHOUT AT THE TOP OF YOUR VOICE YOUR SUCCESSES. A SIGN OF IN_FERIO_RITY COMPLEX.
We should be honest , how can small nation like Ghana will have about 16 Banks and over uncountable micro finance services Why even some of the banks we know today can't even pay the customers and they are running into dept. the Government need to put proper measures and that is what he doing
Propagandist should give us a break! Where is the 16 banks coming from? I think PC FM should know better and be scrutinizing enough. We don't want people to poison unsuspecting people with negative lieszz
God and Posterity will determine!!
It's so good we know now. Thanks.
so you admit you collapsed the banks. aba nana. for this 2020 we go show nana
wicked minds!!!!