President Akufo-Addo has assured Ghanaian citizenry of the arrest and subsequent prosecution of persons directly responsible for the banking sector crises which led to massive losses of jobs.
Addressing parliament on Thursday in his final State of the Nation Address, in his first term, President Akufo-Addo said: “Thanks to the banking sector clean up, the sector is better capitalized”.
He added “We are going to hold those responsible for this failure (collapse of banks) accountable. A process that has already started”.
His comment follows the arrest of the managers and founders of some banks that collapsed in 2017 and 2018 by the Bank of Ghana (BOG).
It would be recalled that in August 2017, 2018 and early 2019, eight (8) indigenous banks had their licenses withdrawn over liquidity challenges.
UT and Capital Bank were declared insolvent by the BOG in August 2017, after it failed to meet the minimum capital requirement, while five (5) others, namely Beige, Construction, Royal, Unibank and Sovereign banks, who lost their licenses in August 2018 were merged to form the Consolidated Bank Ghana Limited (CBG). Later, Heritage Bank also went down in January 2019 and was acquired by the CBG.