We’ll respond to shareholders of collapsed banks - Oppong Nkrumah

Government is set to respond to principal shareholders of banks that were affected in the just ended banking sector reforms agenda.

The Bank of Ghana (BoG) announced the completion of the clean-up of the banking, specialized deposit-taking (SDI), and non-bank financial institutions (NBFI) sectors which began in August 2017.

The BoG revoked the licences of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.

Following the exercise, some owners of the collapsed banks have expressed their displeasure at the modus operandi of the BoG in carrying out the exercise with some accusing government of acting in bad fate and deliberately targeting and collapsing their establishments.

Speaking at a press briefing in Bolgatanga on Sunday, ahead of a Regional Town hall Meeting covered by MyNewsGh.com, Information Minister Kojo Oppong Nkrumah, said government has taken notice of the comments by the principal shareholders and would respond appropriately at the Town hall Meeting.

“The government Town hall meeting will take place and we are focusing on four major things. The first is the financial sector resolution that has been ongoing for a while now. Government has spent about some 14billion cedis so far to try to clean up part of the financial sector. Why are we doing this? What have we succeeded in doing so far. How do we respond to some of these comments by some of the principal shareholders of some of these banks. Am sure you have seen them recently on television also making their case as to why they disagree with government. Tomorrow we have an opportunity to go through all of that,” he said.

Kojo Oppong Nkrumah further justified government and the Bank of Ghana’s decision to carry out the clean-up exercise.

The Town hall Meeting to be held in Bolgatanga on Monday September 30, 2019 will be the 5th.

Some sector Ministers, Heads of some state institutions including NABCO, Securities and Exchange Commission the National Food and Buffer Stock Company will also make presentations on progress made in their respective sectors.

The Town Hall Meetings are an initiative of the Ministry of Information and offer a platform for accountability by Ministers and selected CEOs of State Owned Enterprises.