Business News of Tuesday, 1 September 2020
Source: www.ghanaweb.live
2020-09-01Financial sector clean-up: We have cleaned the mess we inherited – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo
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
Read full articleto 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
