Government’s intervention in financial sector has been costly – Minister of Finance

Government’s intervention in financial sector has been costly – Minister of Finance

Government’s intervention in financial sector has been costly - Minister of Finance

Finance Minister, Ken Ofori-Atta has admitted that the recent cleanup of the banking sector has been very costly.

In the reading of Ghana’s 2020 Budget and Economic Policy of Government, Mr.Ofori Atta said:

“The intervention by Government to save depositors and investors whose funds were locked up with failed financial institutions has been very costly. In 2017 and 2018, Government spent a total GH₵11.7 billion to safeguard the deposits”.

He however added that the central bank is committed to ensuring that the banking sector remains well-capitalized, solvent, liquid and profitable to ensure significant gains.

The Bank of Ghana in August 2017 began a cleanup exercise in the banking sector by revoking the licenses of insolvent financial institutions.

By: Alberta Dorcas N D Armah

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