Persons behind collapsed banks won’t be spared – Nana Addo assures

General News of Saturday, 15 September 2018

Source: citinewsroom.com

2018-09-15

President Nana Addo Dankwa Akufo-Addo

President Nana Akufo-Addo says persons whose actions and inactions caused the collapse of the seven indigenous banks to will be dealt with according to the law.

Nana Akufo Addo Akufo-Addo said investigations by the Bank of Ghana will determine the persons culpable for the collapse of the banks.

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

Speaking at the 80th-anniversary celebration of PRESEC, Legon, Nana Akufo-Addo said the government’s intervention has saved the country millions of dollars.

‘Ghana’s banking crisis’

Ghana’s banking sector is currently in crisis over the collapse of seven local banks within one year. The banks are UT and Capital Bank, both of which have been taken over by the state-owned GCB Bank.

The others are Beige Bank, Sovereign Bank, Construction Bank, uniBank, and Royal Bank, all of which have been consolidated into Consolidated Bank of Ghana.

The decision to collapse all the banks were primarily because they had all become highly insolvent as a result of various reasons including poor corporate governance decisions.

The receiver of uniBank and the five other banks recently sued all 17 shareholders of uniBank over the repayment of a GHC 5.7 billion debt.

The GHC 5.7 billion debt, according to the receiver, was left by the shareholders.


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