Financial sector clean-up: We have cleaned the mess we inherited – Akufo-Addo

President Akufo Addo Smile President Nana Addo Dankwa Akufo-Addo

Tue, 1 Sep 2020 Source: www.ghanaweb.com

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

Source: www.ghanaweb.com
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