BoG replies former Dep. Governor over bank clean-up comments

Dr Ernest Addison, BoG Governor

The Bank of Ghana (BoG) has responded to the recent comments made by the former Deputy Governor, Dr Johnson Asiama regarding high cost of the Ghana banking sector clean-up.

In a statement released by the BoG on Friday, it said, “under the leadership of Governor Addison, the Bank of Ghana has in its earlier press statements said that the reasons for the mass failures of financial institutions we have witnessed in the last two years include regulatory forbearance on the part of previous management of the Bank of Ghana.

“As embarrassing as this is for the Bank of Ghana, the current management under Governor Addison will be doing the people of Ghana a great disservice if this admission was not made.

“Without pointing fingers at any particular individual, the Bank of Ghana has in all sincerity made this assertion in good faith.”

Below is the full statement: