President of Ghana, Nana Addo Dankwa Akufo-Addo Three years ago, President Nana Addo Dankwa Akufo-Addo promised Ghanaians that persons behind the collapse of some financial institutions in the country will be punished according to the law.
According to him, the banks collapsed due to the greedy attitude of these persons yet to be fished out.
Speaking at the 80th Anniversary of the Presbyterian Boys’ Senior High School, Legon, President Akufo-Addo said, “those responsible for the sequence of activities that led to the ‘banking crisis’ will face the full brunt of the law if they are found to have broken the law.”
Read the full story originally published on September 15, 2018 by Jubilee House.
The President of the Republic, Nana Addo Dankwa Akufo-Addo , has assured the Ghanaian people that “those responsible for the sequence of activities that led to the ‘banking crisis’ will face the full brunt of the law if they are found to have broken the law”.
According to President Akufo-Addo, “It is not right that the overwhelming majority of ordinary Ghanaians should pay for the actions of a greedy few, without sanction.”
President Akufo-Addo made this known on Saturday, 15th September, 2018, when he delivered a speech at the 80th Anniversary of the Presbyterian Boys’ Senior High School, Legon.
The President stated that “the so-called ‘banking crisis’”, and the collapse and subsequent consolidation of some indigenous banks have been caused by the cutting of corners, circumvention of the laws, flouting and non-adherence to regulations, apparently with the complicity of senior officials of the Bank of Ghana. The inefficient and poorly managed banks, as a result, required the robust intervention of the regulatory bodies to prevent the infection of the banking sector with these acts.
As a result, under the rigorous leadership of the current Governor of the Bank of Ghana, Dr. Ernest Addison , the President indicated that a number of prudent measures have been taken to save and sanitise the banking sector.
“To protect the deposits of the seven defunct banks, the Government, through the Ministry of Finance, has had to issue bonds to the tune of some GH¢8 billion in favour of GCB Bank and the new Consolidated Bank, the banks that took over the operations of the seven failed banks,” he said.
The President continued, “This is in addition to liquidity support of some GH¢4.7 billion that had been provided by the Bank of Ghana to these banks over a […]
