The Minister of Finance, Ken Ofori Atta has claimed that Government’s intervention in the banking sector has made the banking sector resilient whilst providing relief to investors.
He was speaking in Parliament on the 2020 Budget and Economic Policy of Government.
“Following the successful completion of reforms in the banking sector which begun in August 2017 and ended in January 2019, we now have a more resilient sector, well positioned to support the economic growth agenda of the Government”, he said.
He also asked for public trust in the government to deliver on its mandate.
‘’Trust in the Government because we did not seek to deliberately close down banks and that the action we took has sanitized the financial sector’’ he noted.
Meanwhile, the clean-up exercise which began in August 2017 resulted in the revocation of the licenses of nine (9) universal banks, three hundred and forty-seven (347) microfinance companies, thirty-nine (39) microcredit companies, fifteen (15) savings and loans companies, eight finance house companies, and two non-bank institutions, costing tax payers in Ghana over GHc20 billion.
According to reports there were over six thousand (6000) direct jobs lost, an estimate which does not take into account temporary and indirect jobs lost during this period
By: Bridget Mensah