President Akufo-Addo has reaffirmed his administration's resolve in cleaning up what he says is 'a mess it inherited' in the wake of the banking sector clean-up exercise.
In a tweet posted via Twitter on September 1, President Akufo-Addo noted the cooperation of the Bank of Ghana which has led to a much stronger and resilient banking sector.
“We have cleaned the financial sector mess we inherited, and have, with the active co-operation of the Bank of Ghana, strengthened the banking and financial sector. The life savings of hardworking Ghanaians will not be lost,” the tweet read.
A Deputy Finance Minister, Abena Osei Asare on her part earlier said the Akufo-Addo led administration has saved the investments of 14 million Ghanaians as a result of the banking sector clean-up exercise.
As part of its efforts to restore confidence in the banking and specialized deposit-taking sectors, the Bank of Ghana (BoG) embarked on a clean-up exercise in August 2017 to resolve insolvent financial institutions whose continued existence posed risks to the interest of depositors.
The clean-up saw the revocation of licenses of 9 universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loan companies, 8 finance house companies, and two non-bank financial institutions.
The move by the central bank was a comprehensive assessment of the savings and loans and finance house sub-sectors carried out by the BoG in the last few years after it identified serious breaches.
See the President's tweets below
We have cleaned the financial sector mess we inherited, and have, with the active co-operation of the Bank of Ghana, strengthened the banking and financial sector. The life savings of hardworking Ghanaians will not be lost. #FinancialSectorCleanUp pic.twitter.com/rKOlKGibzz— Nana Akufo-Addo (@NAkufoAddo) September 1, 2020
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