Nobody involved in banking crisis would escape the law – President

By Ken
Sackey, GNA

Legon, Sept. 15, GNA – President Nana Addo
Dankwa Akufo-Addo has given strong indication that individuals whose actions
and inactions led to the collapse of some local banks, are not going to escape
the law. 

“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.

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

President Akufo-Addo was speaking at a grand
durbar to mark the 80th anniversary of the Presbyterian Boys’ Senior High
School (SHS) at Legon, Accra.

He said the collapse of the local banks was
steeped in lawlessness at one stage or the other, and that those issues were as
a result of the constant breaking of the rules and regulation.

“The so-called ‘banking crisis’, and the
collapse and subsequent consolidation of some indigenous banks have been caused
by cutting corners, circumvention of the laws, flouting and non-adherence to
regulations, apparently with the complicity of senior officials of the Bank of
Ghana (BOG).”

President Akufo-Addo said it was gratifying
that the industry regulator, the BOG had taken steps to restore order to the
sector, replete with inefficient and poorly managed banks.

The government had had to issue bond to the
tune of GH¢8 billion in favour of the Ghana Commercial Bank and the new
Consolidated Bank to protect the deposits of the seven defunct banks.

The issuance of the bonds was in addition to
liquidity support of GH¢4.7 billion provided by the BOG to the seven banks
before their collapse.

The President said these interventions,
amounting to GH¢12.7 billion, had safeguarded depositors’ savings and minimized
job losses.

He underlined his unswerving determination to
ensure a vibrant financial sector.

“I have no doubt that, if these measures had
not been taken, the banking system would have been seriously compromised, with
dire consequences for depositors and their savings.”

“We need urgently a vibrant banking sector that
can help mobilize resources to fiancé our industrial, agricultural and economic
transformation,” the President added.

GNA

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