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Business News of Sunday, 16 September 2018


‘Greedy few behind collapse of 7 banks won’t go free’ – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo President Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has assured Ghanaians that persons responsible for the collapse of some indigenous banks in the country will be brought to book.

He said it would be unfair for innocent Ghanaians to be at the receiving end of the fallouts from the collapse of seven banks within the last year.

The licences of some seven banks; UT Bank, Capital Bank, The Royal Bank, Construction Bank, Sovereign Bank, UniBank and Beige Bank, were revoked between 2017 and 2018 over liquidation grounds among others.

Five of the seven, which were collapsed this year, were consolidated by the Bank of Ghana to form the Consolidated Bank of Ghana.

The collapse of the banks has rendered thousands jobless.

Managers of the collapsed banks as well as some officials of the Bank of Ghana have been accused of being responsible for the collapse of the banks and calls have heightened for them to be punished in accordance with the law.

Speaking on the matter at the 80th Anniversary celebration of the Presbyterian Senior High School in Accra, President Akufo-Addo reiterated his commitment towards ensuring that all persons responsible for the crisis within the banking sector are not pardoned.

“I can assure the Ghanaian people that those responsible for the sequence of activities that led to the ‘banking crisis’ will face the full brunt of the law if they are found to have broken the law,” he stated.

He expressed his sympathy to the thousands of Ghanaians who have suffered from the crisis in diverse ways.

“It is not right that the overwhelming majority of ordinary Ghanaians should pay for the actions of a greedy few, without sanction,” he noted.