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Business News of Tuesday, 20 August 2019

Source: citinewsroom.com

Gross mismanagement caused financial sector woes – Ken Thompson

The Chief Executive Officer of Dalex Finance, Kenneth Thompson has said the reasons given by the Bank of Ghana for the revocation of licenses of savings and loans companies and financial institutions are not surprising because most of the companies exhibited gross mismanagement.

According to him, some managers of the now-defunct financial institutions invested depositors’ funds in unrealistic ventures.

The Central Bank in its latest crackdown revoked the licenses of 23 savings and loans companies as well finance houses as part of its cleanup of the financial sector.

Speaking on Citi TV’s current affairs program, The Point of View, Kenneth Thompson said most industry players were aware of the ill management of deposits by some of the financial institutions affected.