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Business News of Thursday, 27 August 2020


How much has been retrieved from CEOs of failed banks? – Jackson asks BoG

Joe Jackson, Director of Business Operations at the Dalex Finance Joe Jackson, Director of Business Operations at the Dalex Finance

Director of Operations at Dalex Finance Joe Jackson has extolled the Bank of Ghana (BoG) for paying all the customers of the collapsed banks their locked-up funds.

He said the action was good but the BoG has a duty to let the public know how much has also been retrieved from the directors and Chief Executives Officers of the collapsed banks.

In a tweet, Mr Jackson stated:“Depositors have been paid-good. What about the CEOs, directors, BOG officials, etc. whose reckless and greedy acts caused banks to collapse? The public purse is severely depleted. Who has been prosecuted? How much money has been retrieved?”

The Governor of the Bank of Ghana, Dr Ernest Addison, has revealed that about 95 per cent of customers of the nine collapsed local banks during the clean-up exercise in the banking sector have been fully paid their funds.

He said this on Tuesday, August 25 when President Nana Addo Dankwa Akufo-Addo paid a working visit to the central bank.

He said: “We had the [banking sector] reform in two phases. The first phase had to do with the banking system where we revoked the licenses of the banks. Depositors got their money.

“The second phase of payment has to do with the SDIs – Savings and Loans and Microfinance Institutions and in their case, more than 95 percent of depositors have been paid so there is just about 5 percent of depositors who have not been paid.”

He added: “Your Excellency, the Bank of Ghana, over the last three and half years, has played a critical role in the government’s transformation agenda. Through reforms that were effectively coordinated with the fiscal authorities, macroeconomic stability was re-established following the significant imbalances at the end of 2016.”