Governor of the Bank of Ghana, Dr Ernest Addison The Bank of Ghana (BoG) has responded to the former Deputy Governor, Dr Johnson Asiama, on his recent comments regarding the banking sector cleanup.
In a statement released on Friday, the BoG said, “Under the leadership of Governor Addison, the Bank of Ghana has in its earlier press statements said that the reasons for the mass failures of financial institutions we have witnessed in the last two years include regulatory forbearance on the part of previous management of the Bank of Ghana.
“As embarrassing as this is for the Bank of Ghana, the current management under Governor Addison will be doing the people of Ghana a great disservice if this admission was not made. Without pointing fingers at any particular individual, the Bank of Ghana has in all sincerity made this assertion in good faith.”
Read the full statement from the Bank of Ghana
FORMER DEPUTY GOVERNOR DR. JOHNSON P. ASIAMA’S INTERVIEW ON JOY FM
The Bank of Ghana’s attention has been drawn to some statements made by former Second Deputy Governor of the Bank of Ghana, Dr. Johnson P. Asiama, in an interview with Joy FM.
For the benefit of the discerning public, the Bank of Ghana finds it important to correct several misstatement of facts contained in the said interview.
Under the leadership of Governor Addison, the Bank of Ghana has in its earlier press statements said that the reasons for the mass failures of financial institutions we have witnessed in the last two years include regulatory forbearance on the part of previous management of the Bank of Ghana.
As embarrassing as this is for the Bank of Ghana, the current management under Governor Addison will be doing the people of Ghana a great disservice if this admission was not made. Without pointing fingers at any particular individual, the Bank of Ghana has in all sincerity made this assertion in good faith.
Here are the true incontrovertible facts as known to the Bank of Ghana:
1. UT Bank and Capital Bank were among the banks that were found to be insolvent after the May 2015 and June 2016 Asset Quality Review (AQR). The two banks had ample opportunity after the AQR to raise the needed capital to restore capital adequacy to the regulatory minimum but failed to do that.2. We have no evidence on record to show that the previous management took […]