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

• Posted on July 3, 2024July 3, 2024
• by Nana Kwesi Coomson
• Comment

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