Jail persons implicated in banking sector clean-up – BoG to Gov’t

The Governor of the Bank of Ghana, Dr. Ernest Addison, has made an impassioned call for governmental intervention against shareholders of banks and financial institutions implicated in the controversial financial sector clean up.

During a joint press conference with the Ministry of Finance and the International Monetary Fund (IMF), Dr. Addison underscored the urgent necessity for accountability within the banking sector.

Lamenting the prolonged delays in addressing this critical matter, he emphasized the imperative for swift and resolute action to hold responsible those individuals implicated in misappropriating depositors’ funds.

Dr. Addison highlighted, “It is taking a really long time to really bring all of these matters to a close. However, it is important that the state needs to persevere and pursue these shareholders who have misappropriated depositors’ funds.” The Governor emphasized the significance of allowing the law to take its course in pursuing entities still holding funds intended for the cleanup exercise.

The fervent plea by the Bank of Ghana Governor stems from the regulatory reforms and decisive actions initiated between mid-2017 and end-December 2018 to refurbish the banking sector’s stability and fortify the financial system’s safety. This concerted effort aimed to bolster economic growth by ensuring a robust and secure financial framework.

Underscoring the gravity of the situation, Dr. Addison voiced his concern over shareholders potentially retaining significant sums diverted from the clean-up operation.

He reiterated the acute need for proactive measures to recoup misused funds and deliver justice to affected depositors, emphasizing the indispensable role of government intervention in restoring accountability within the financial sector.

By Vincent Kubi

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ABOUT: Nana Kwesi Coomson

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An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.

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